FDBusiness.com

Glanbia Co-op Members to Benefit From €92 Million Share Spin-out

 Breaking News
  • Discovery, Plant-Based and Alternatives Lead the Top Ten Trends For 2019 Targeting increasingly adventurous consumers, set on new discoveries and experiences, will be key to developments in the food and beverage industry in 2019. The connected world has led consumers of all ages to become more knowledgeable of other cultures, contributing to 35 percent growth of “discovery” claims, when comparing 2017 and 2016 new product launch [...]...
  • Pearse Lyons Brewery to Open New Facility at Historic Irish Site Alltech Beverage Division Ireland (ABDI) has made an announcement about the planned opening of a new brewery at the historic site of the old MacArdle Moore Brewery in Dundalk. The new Pearse Lyons Brewery will incorporate the relocation of the Station Works Brewery in Newry, which was acquired by the late Dr. Pearse Lyons in [...]...
  • WRAP Comes Up With Winning Formula to Tackle Milk Waste A new report from the UK’s leading sustainability experts WRAP shows for the first time the scale of milk wastes across the food chain, from processing to our homes, and highlights ways we can significantly reduce the 330,000 tonnes of total milk lost each year, worth more than £150 million. Milk waste in the home is [...]...
  • Samworth Brothers Launches New Fitness-focused Ready Meal Range With Innovative Identity by Brandon Leading British food manufacturer Samworth Brothers is launching a ground-breaking range of ready meals to appeal to everyday athletes, with brand identity and packaging by design consultancy Brandon. Responding to an increasing consumer demand for healthier convenience options, the meals, which come in three variants – Cajun Chicken, Turmeric Chicken and Pad Thai Chicken – are [...]...
  • Premier Foods Shows Resilience Premier Foods has reported a 1.3% increase in group revenue to £358.0 million and a 6.2% rise in trading profit to £51.0 million for the 26 weeks ended 29 September 2018. The group’s largest brand, Mr Kipling, was key to this growth following an excellent consumer response to its relaunch in the UK with revenues [...]...

Glanbia Co-op Members to Benefit From €92 Million Share Spin-out

Glanbia Co-op Members to Benefit From €92 Million Share Spin-out
September 06
10:36 2017

Glanbia Co-operative Society has transferred, via a ‘spin-out’, about €92 million worth of shares in Glanbia, the global nutrition group, to over 14,700 members across its Irish catchment area. The transaction is aimed at releasing a portion of the value of Glanbia Co-op and making it available to members at a time of significant investment on their farms.

Glanbia Co-op also owns 60% of Glanbia Ireland, a joint venture owned 60% by Glanbia Co-op and 40% by Glanbia plc. Glanbia Ireland is a large scale, growing enterprise comprising Glanbia Ingredients Ireland, Glanbia Consumer Products and Glanbia Agribusiness.

The spin-out and the formation of the Glanbia Ireland joint venture were among a number of measures overwhelmingly approved by the eligible members of Glanbia Co-op at a Special General Meeting held on 18 May 2017.

On receipt of their Glanbia plc share certificates, shareholders can choose to sell or retain the shares as they see fit. Since 2013, Glanbia Co-op has distributed in excess of €680 million of value to members through a combination of Glanbia plc share spin-outs, patronage support and share interest (dividends).

Henry Corbally.

Henry Corbally, chairman of Glanbia Co-operative Society, comments: “In addition to the share spin-out, members approved the creation of Glanbia Ireland through the acquisition of 60% of Dairy Ireland (Agribusiness and Consumer Products). The creation of Glanbia Ireland enables the integration of three strong, well-invested Irish based businesses to create value for all stakeholders. Specifically, it will help to maximise the opportunities created by a forecasted 30% growth in milk supply by Glanbia’s Irish milk suppliers to 2020.”

Glanbia Ireland will processes a 2.4 billion litre milk pool from 21 counties and export high quality dairy and agri ingredients as well as branded products to over 60 countries. With annual revenue of €1.5 billion, Glanbia Ireland operates 11 processing plants, 53 agri branches and employs over 1,800 people.

As a result of the spin-out, the acquisition of 60% of Dairy Ireland and the creation of a €40 million member support fund, Glanbia Co-op’s ownership of Glanbia plc has reduced from 36.5% to 31.5% of Glanbia plc. Glanbia Co-op will remain the largest shareholder in Glanbia plc on completion of the spin-out, with a holding valued at approximately €1.5 billion

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • November 21, 2018expoSE European Asparagus and Strawberry Fair
  • November 27, 2018Health Ingredients Europe
  • November 28, 2018FOOD & LIFE
  • December 3, 2018P&P 2018
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements