Mitsubishi Buys UK Brands As Premier Foods Sheds Debt

Law360, New York (February 8, 2011, 3:13 PM EST) -- Mitsubishi Corp.'s UK-based subsidiary Princes said Tuesday it will buy the canning operations of Premier Foods PLC, including brands Crosse & Blackwell, Fray Bentos and Farrows, in a $293 million cash deal.

The proposed acquisition, which is subject to regulatory and Premier Foods shareholder approval, expands Princes’ portfolio in Britain's canned foods sector and increases the company’s range of products, Princes said.

Following completion of the acquisition, Princes would have annual revenues of $2.4 billion, 4,500 employees and 13 food and drink production sites, the company...
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