The IAWS Group is in negotiation with several US companies in the food, beverage and food distribution areas, with a view to acquiring a firm to supply its Cuisine de France, Delice de France and Pierre food brands in the United States.

Mr Philip Lynch, the group chief executive, confirmed yesterday that one of those companies was Orion Food Systems, as reported in The Irish Times recently. But he insisted it was one of several options. An acquisition is likely before the end of this year. The group is investing £25-£35 million sterling (€39E55 million) in what Mr Lynch describes as a "state-of-the-art production facility and baking academy" in Stone in Staffordshire, England. Construction of the plant to supply the British market will begin soon. When complete, 140 to 160 people will be employed.

The British market for its ready-prepared food products is worth about £20 million sterling (€31.5 million) more than the Irish market. Until now, the British market largely had to be outsourced. In the last year, the group has sold properties in Dublin which have returned around £40 million and is planning the sale of a 31-acre dockland site in Cork "when the market is right". Following the group's annual general meeting in Dublin yesterday, Mr Lynch predicted that sales would exceed €1 billion in the current year.