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Birds Eye, Iglo parent shrugs off potential impact from Brexit

Company may utilize other facilities in Europe if extra tariffs come into play in the UK.

Frozen food giant Nomad Foods, parent of the Iglo, Birds Eye and Findus brands, is not fearful of Brexit impacting its business because 85 percent of its operations are spread across Europe, CEO Stefan Descheemaeker said in a Bloomberg Markets interview.

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"We've been through a lot interesting times such as the unprecedented turn-around five years ago, unprecedented inflation last year and this year we have Brexit," he said. "We are prepared for it and we are not changing our guidance. A lot is being prepared for 2020."

Due to the added tariffs that may come with Brexit, the company is considering using its other facilities in Europe or other mitigation measures such as benefiting from its subsidiaries.

Earlier this year, the company announced it has around €750 million ($842 million) in cash to spend on mergers and acquisitions facilitated by capital raising, however, the CEO refused to disclose specifics on any deals.

He did mention that the company's position in Europe is great for frozen foods because "we are the disputed leaders making it easier to buy and easier to generate the synergies we need."

Nomad Foods earnings before interest, tax, depreciation and amortization grew 10 percent in the second quarter of 2019 compared to last year to €98 million ($108 million).

The company is eyeing deals beyond western Europe and away from just the retail market into foodservice.

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