Nomad Foods floats on New York stock market
And to celebrate its official NYSE listing, the company will ring the iconic Wall Street bell to open the day of trading on Wednesday 13 January 2016.
The company, which owns brands such as Birds Eye, Iglo and Findus, previously traded on the London Stock Exchange (LSE) and the last day of trading in the UK concluded on Monday 11 January. The delisting and cancellation of the frozen and packaged food company’s shares will be completed this morning (Tuesday 12 January).
Regular trading is also expected to start in the US today (12 January). The shares will be traded under the stock symbol ‘NOMD’. The bell will be rung tomorrow (13 January) at 9.30am Eastern Time and will be streamed live on the NYSE website.
Long-term growth
“We are excited to begin regular trading of our shares on the NYSE and are honoured to ring the opening bell,” said Nomad Foods’ CEO Stéfan Descheemaeker in a statement published on 12 January.
“We believe our successfully completed acquisitions of Iglo and Findus Group’s Continental European business in 2015 and the synergies we are confident of delivering have Nomad well-positioned to take advantage of long-term global growth opportunities within the frozen and packaged food space, specifically within Europe and the US.
“Our management team looks forward to the coming year, and we believe these transformative acquisitions, combined with our strategic vision for long-term growth, will lead to long-term value for shareholders as we strive to build a best-in-class global consumer foods company.”
Determined
Nomad Foods completed its first public listing at LSE in April 2014, after raising $500m. But since August 2015, shares in the company have been falling steadily. And towards the end of the 2015, it said it was “determined” to push through a stock exchange switch from London to New York.
In its third-quarter results, published on 16 November 2015, Nomad Foods reported revenue for the six months to 30 September 2015 was €418.3m ($453.7m) and a loss after tax of €390.3m ($423.3m). The company is known for its production of frozen and packaged food brands, which it sells in 15 countries, and claims to have the leading market share in Western Europe.
