Tulip Ltd and Geo. Adams & Sons
join forces in the UK

Randers, october 1 2007

Geo. Adams & Sons and Danish Crown have reached agreement to combine the businesses of Geo. Adams & Sons and Danish Crowns UK subsidiary Tulip Limited, creating one of the UK´s strongest meat groups.  The new group will be called Tulip Ltd with Geo. Adams & Sons operating as a division within the group, retaining it´s identity.

Both companies already have a significant presence in the UK market. Geo. Adams & Sons comprises of Geo. Adams & Sons Limited, the fresh meat business and Adams Pork Products Limited, the prepared foods and sliced cooked meat business.  Tulip Ltd has over the last few years invested in the UK market both in the form of acquisitions and capital investments in state of the art facilities.

The new group will cover the complete range from farm to fork, including pig production, abattoirs and fresh meat operations, as well as significant bacon, cooked meats and other processed products.  The UK sales for the new group will be close to £1.2 billion and it will employ around 9,000 people.

Carsten Jakobsen, present Chairman of Tulip Ltd, will Chair the Board of the new group and Mark Adams, Chief Executive of Geo. Adams & Sons, will become an Executive Director and join the main Board.

Carsten Jakobsen said “This is an important strategic step forward for Tulip.  This transaction will help us to supply the UK consumer with an even wider range of high quality products.  In an increasingly competitive market place, it is crucial that we are in a position to produce quality products at the best value for our customers.

We are delighted that the two companies will be joining forces and see ourselves as a UK meat business which is set to work closely with our UK supermarket customers and suppliers.

We look forward to enhancing the close working relationship with UK livestock farmers and manufacturing customers that Geo. Adams & Sons has developed so successfully, and we are confident our involvement will bring further benefit to all parties.”

The transaction is conditional upon clearance by the UK regulatory authority and is likely to be completed in November this year.