Danisco continues divestment programme

Food ingredients, sweetener and sugar group Danisco A/S announced this week an agreement for the sale of all the shares in Danisco Pack Ltd. to Mondi Packaging (UK) Limited. The sale price is based on an Enterprise Value of GBP 64 million (103.5 million euro) or a multiple of 4.4 times EBITDA (operating profit before depreciation and amortisation of goodwill) and a multiple of 13 times EBITA (operating profit before amortisation of goodwill) for the financial year of 2000/01 (April 30, 2001). The transaction is based on the balance sheet as of April 30, 2001 and will not require additional value adjustments for Danisco. Mondi Packaging (UK) Limited has also concluded an agreement for the sale of some of the operations of Danisco Pack Ltd. to David S. Smith Packaging Limited. According to Danisco the sale of Danisco Pack UK is part of the divestment programme established with the acquisition of Cultor. The company stressed that a considerable part of this programme has now been completed and will continue in the coming period.