FDBusiness.com

Glanbia Completes Sale of 60% Interest in Dairy Ireland Business

 Breaking News
  • UK Not Ready For Brexit’s Impact on Food The UK is unprepared for the most complex ever change to its food system, which will be required before Brexit, according to a new briefing paper published by SPRU, the Science Policy Research Unit at the University of Sussex. The report, by leading food policy specialists Professor Erik Millstone (University of Sussex), Professor Tim Lang [...]...
  • McCormick Strengthens Flavour Leadership With $4.2 Billion Acquisition McCormick & Company, the US-based ingredients producer, is acquiring the food business of Reckitt Benckiser Group, the consumer health and hygiene company, for $4.2 billion. Reckitt Benckiser’s food business, which incorporates Frank’s RedHot Hot Sauce, French’s Mustard and other iconic, market-leading products, will strengthen McCormick’s leadership in the attractive condiments category in the US. Operating facilities [...]...
  • Givaudan to Acquire Vika Givaudan, the global leader in flavours and fragrances, is acquiring Vika to strengthen its portfolio of natural dairy solutions. Vika offers a range of natural dairy ingredients, fonds and stocks, as well as meat and plant based extracts to customers in the food and beverage industry. With headquarters in the Netherlands, Vika also has facilities [...]...
  • EFSA Reviews Safety of Glutamates Added to Food EFSA has established a safe intake level for glutamic acid and glutamates used as food additives after re-evaluating their safety. The Authority also concluded that estimated dietary exposure to glutamic acid and glutamates may exceed not only the safe level but also doses associated with adverse effects in humans for some population groups. On this [...]...
  • The Journey Towards Industry 4.0 Hartmut Pütz, President Factory Automation EMEA at Mitsubishi Electric Europe, talks about the digital transformation of industry. He focuses on the effects on manufacturing businesses, especially at a production level, and how customers will benefit from innovative Mitsubishi Electric solutions. Manufacturing industry is currently undergoing a period of rapid change. In concrete terms this can be [...]...
  • Baltika Breweries Expands its Reach to the Democratic Republic of the Congo Baltika Breweries, part of the Carlsberg Group, has celebrated its 10th anniversary of supplies to Africa by launching exports to the Democratic Republic of the Congo. The first brand of the company to be available on the market will be a non-alcoholic malt drink Baltika 0 Grain. The Democratic Republic of the Congo is the second [...]...

Glanbia Completes Sale of 60% Interest in Dairy Ireland Business

Glanbia Completes Sale of 60% Interest in Dairy Ireland Business
July 06
10:43 2017

Glanbia plc, the global nutrition group, has completed the sale of a 60% interest in its Dairy Ireland business to Glanbia Co-operative Society. Dairy Ireland is comprised of two business units – Glanbia Consumer Foods Ireland and Glanbia Agribusiness. In 2016, Dairy Ireland generated revenue of €616.2 million, earnings before interest, tax and amortisation (EBITA) of €30.7 million and an EBITA margin of 5.0%.

In return for its 60% stake in Dairy Ireland, Glanbia plc will receive €112 million together with the equivalent to 100% of the amount of the working capital in Dairy Ireland at completion.

Dairy Ireland will now be combined with Glanbia Ingredients Ireland (GII), which was established in 2012 as a dairy processing joint venture owned 40% by Glanbia plc and 60% by Glanbia Co-op. The enlarged GII will be owned 40% by Glanbia plc and 60% by Glanbia Co-op and will be known as Glanbia Ireland. The move represents an expansion of the existing joint venture since it will encompass the existing businesses of GII and Dairy Ireland, including Glanbia Consumer Foods Ireland and Glanbia Agribusiness.

The deal will create an integrated Irish-based business of scale which is the largest dairy processor in Ireland. It is envisaged that Glanbia Ireland will embark on a €250 million to €300 million strategic capital investment programme in the period 2017 to 2020.

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • No upcoming events
AEC v1.0.4

The Magazine

F&D Business Preferred Suppliers

Advertisements