Greencore's Share Drop Linked To Loss Of Starbucks Contract
Published on Aug 28 2017 11:08 AM
Greencore's recent share slump has reportedly been triggered by the loss of a major contract with US coffee firm Starbucks to supply the coffee chain with frozen sandwiches, reports Irishtimes.ie
Last week Irish food firm responded to the 14% drop in its share price value, saying that the group was not aware of any developments that would change its performance outlook.
In the statement, the convenience foods giant asserted that "The integration of our US business is on track and we continue to be encouraged by the pipeline of commercial opportunities being explored with existing and new customers".
Headquartered in Dublin, the group notes there has been 'some level of churn in the legacy retail part of the US business'.
Greencore said that it was refocusing its activities at its plant in Jacksonville, Florida, which reportedly is where products for the coffee chain was manufactured.
The company plans to issue its next trading update on the release of its full year results on 28 November.
© 2017 - Checkout Magazine by Donna Ahern