Associated British Foods to spin off Primark clothes brand [Yahoo! Finance]
ASSOCIATED BRI/F UNSP/ADR (ASBFY)
NASDAQ:AMEX Investor Relations:
abf.co.uk/investorrelations
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Source: Yahoo! Finance
Associated British Foods announced Tuesday that it would spin off its budget fashion chain Primark, splitting up one of the country's largest consumer businesses. "A demerger of Primark is the best way to maximise long-term returns for shareholders, reflecting Primark's scale today and the need for a better understanding of the Food business," Michael McLintock, chair of ABF, said in a statement. The demerger review was conducted in consultation with ABF's largest shareholder, Wittington Investments, which will maintain majority ownership in both companies. Both entities are expected to be listed in London's top-tier FTSE 100 index. Ireland-headquartered Primark, which operates across 19 markets and has more than 80,000 employees, accounts for roughly half of ABF's sales. The rest of the business is focused on food, with ABF being a major producer of sugar and the owner of brands such as Twinings tea. The spin-off is expected to be completed by the end of 2027, with share
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