Greencore buys U.S. food group for up to $54 mln

DUBLIN, April 30 (Reuters) - Ireland's Greencore (GNC.I), which makes prepared meals under the Weight Watchers brand, said on Wednesday it had bought U.S. food maker Home Made Brand Foods (HMBF) for up to $54 million.

The Dublin-based company, which also supplies frozen foods, mineral water and cakes, said the acquisition is expected to be "modestly earnings per share accretive" from the 2009 financial year.

"This acquisition marks the entry by Greencore into the growing chilled convenience food market in North America," the company said in a statement.

Greencore (GNC.L), which ranks itself as Britain's largest sandwich maker, said it will pay $44 million initially.

An additional payment of up to $10 million will be made depending on HMBF's performance in the 2008 financial year, it added.

Massachusetts-based HMBF manufactures and supplies a range of fresh food products including fresh prepared meals and salads, sandwiches and quiche.

"HMBF represents a strong platform acquisition for us -- a profitable, well-run, regional leader with significant headroom for further growth," Greencore chief executive Patrick Coveney said. (Reporting by Jonathan Saul; Editing by David Cowell)