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Tyrells to create hundreds of new jobs after sale
Crisps manufacturer Tyrells has announced plans to create hundreds of new jobs following a takeover by US manufacturer Amplify Snack Brands Inc.
Under the terms of the £300 million deal, Tyrrells’ current owner Investcorp and members of the Tyrrells management team will receive approximately £278 million in cash and approximately 2.1 million shares in Amplify.
The sale means that Tyrells will need to recruit hundreds of new staff members globally over the next few years. Net sales for the firm in the last 12 months were approximately £90 million to the end of June.
Commenting on the agreement, David Milner, CEO of Tyrrells said, “We’re excited to join Amplify’s Better-For-You snack food platform as we combine our highly complementary businesses and brands to build an even stronger company for future international success. We were lucky enough to be able to choose our long-term partner and this partnership provides a significant opportunity to accelerate sales growth for Tyrrells’ brands in the United States, as well as the scope for Amplify’s brands in the international marketplace. Building upon the strength of each of our respective customer relationships and leveraging Tyrrells’ manufacturing capabilities, we shall be entering new territories as well as broadening our reach in existing markets.”
Founded in 2002 by farmer William Chase and headquartered in Herefordshire, Tyrrells employs more than 500 people across the globe producing premium crisp and snack products.