Newlat Food sees 2030 core earnings at $345 million after Princes acquisition
The new group will rebrand itself as New Princes
4 June 2024
1 minute read
By: Italy's Newlat Food expects core earnings of 317 million euros ($345.72 million) in 2030 after buying Britain's Princes, the food company said on Tuesday.
Newlat, which makes pasta, milk and dairy, instant noodles and bakery products, had agreed in May to buy Princes, which sells tinned fish and Napolina sauces among other products, for 700 million pounds ($896.56 million).
The new group, which will rebrand itself as New Princes, sees a compound annual growth rate (CAGR) of 3% in organic revenues for the duration of its new 2024-2039 business plan, reaching 3.34 billion euros in 2030.
The company targets revenues of 5 billion euros including contributions from further acquisitions, and a total net profit of over 100 million euros in the same year.
($1 = 0.7808 pounds)
($1 = 0.9169 euros)
