Global nutrition group Glanbia plc is selling its stake in Glanbia Ireland – its milk processor and grain buyer – for €307 million.
Glanbia plc has signed a deal with Glanbia Co-op, which is owned by farmers who supply it, for its 40 per cent interest.
The sale will allow Glanbia plc to focus on food ingredients and sports nutrition. Glanbia Ireland, which is the largest milk processor and grain buyer in the country, will become 100 per cent owned by Glanbia Co-op.
There are 11 processing plants, 52 agri-retail branches and employs more than 2,000 employees in Glanbia Ireland
“This announcement represents the next stage of our transformation journey following many years of successful collaboration with Glanbia Co-op as joint venture partners in Glanbia Ireland,” Siobhan Talbot, MD of Glanbia plc, said.
“If approved, the proposed transaction will continue the alignment of our portfolio to our strategy, which is focused on driving growth through our market leading positions as a brand owner and ingredient solutions provider, playing into strong underlying consumer health and wellness trends,” Ms Talbot added.
Siobhan Talbot, managing director of Glanbia Plc, will immediately retire from her position on the board of the Co-op.
The proceeds from the proposed transaction will mainly be invested in growth opportunities, with up to 50pc of the proceeds being returned to shareholders via a share buyback.
LSL News.