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€20 Million Acquisition for Glanbia Ingredients Ireland

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€20 Million Acquisition for Glanbia Ingredients Ireland

€20 Million Acquisition for Glanbia Ingredients Ireland
December 09
14:35 2013

Glanbia Ingredients Ireland, Ireland’s leading dairy ingredients company, is set to expand its milk pool by 100 million litres and processing capacity by 200 million litres with the €20 million purchase of Wexford Creamery. The acquisition has been agreed following the decision by shareholders in the farmer co-op, Wexford Milk Producers, which owns 70% of Wexford Creamery, to accept the GII offer.

The deal will also entail Wexford Milk Producers’ 340 dairy farmers agreeing to supply their milk to GII for a period of 15 years at the same price received by GII’s dairy farmers.

Wexford Milk Producers will now acquire the remaining 30% shareholding in Wexford Creamery held by UK dairy group Dairy Crest for €3 million before selling rhe entire business to GII.

The deal is in line with GII’s preparations for the abolition of EU milk quotas in 2015, when it expects to process 50% more milk than at present.

GII – a joint venture between Glanbia Co-operative Society and global nutritional solutions and cheese Glanbia – processes 1.6 billion litres of milk annuallly or 30% of Ireland’s milk pool into a range of dairy ingredients for export to more than 50 countries.

GII is also planning to invest over €150 million in a new processing facility at Belview in County Kilkenny. The new plant will incorporate two 7.5 tonnes per hour dryers and have an output of 100,000 tonnes of dairy powders per annum.

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