FDBusiness.com

Glanbia Ingredients Ireland Joint Venture Moves Closer

 Breaking News
  • KK Foods Plans £5.5 Million Expansion KK Fine Foods, a leading frozen food manufacturer based at Deeside in Wales, is set to expand and diversify with support from the Welsh Government, creating an additional 40 new...
  • Nestlé Launches Fund to Boost Packaging Innovation Nestlé has announced that it will invest up to SFr2 billion (€1.86 billion) to lead the shift from virgin plastics to food-grade recycled plastics and to accelerate the development of...
  • Bosch Packaging Technology is Now Syntegon Syntegon Technology is the new name for Bosch Packaging Technology, following the sale of the former Bosch division. Headquartered in Waiblingen, Germany, Syntegon Technology’s business focus is on intelligent and...
  • Nestlé Launches New KitKat Gold in the UK Nestlé has unveiled a unique addition to its biggest confectionery brand – the new KitKat Gold. KitKat Gold is a combination of trademark crispy wafer on a smooth milk chocolate...
  • 789 Food and Drink Acquisitions in 2019 2019 broke records again for the number of food and drink transactions around the world, with 789 registered on the Zenith Global mergers and acquisitions database, an average of 15...

Glanbia Ingredients Ireland Joint Venture Moves Closer

Glanbia Ingredients Ireland Joint Venture Moves Closer
November 15
14:15 2012

Members of Glanbia Co-operative Society have voted in favour of entering into a dairy processing joint venture with Glanbia plc, the global nutritional solutions and cheese group. The joint venture, to be named Glanbia Ingredients Ireland will comprise the business and operations of Glanbia plc’s Dairy Ingredients Ireland business unit.

DII is the largest dairy ingredients processor in Ireland, assembling a milk pool of 1.6 billion litres and processing it into about 180,000 tonnes of dairy ingredients largely for export to over 50 countries worldwide. In 2011, DII generated revenue of Eur738 million, operating profit of Eur33 million and EBITDA of Eur44 million.

Glanbia Co-operative Society will own 60% of Glanbia Ingredients Ireland and Glanbia plc the remaining 40%. Glanbia plc shareholders will vote on the proposal at an extraordinary general meeting on Tuesday, 20 November 2012. If approved by Glanbia shareholders, the joint venture transaction is expected to be completed on 25 November, 2012.

Subject to the joint venture transaction being approved, Glanbia Co-operative Society will seek member approval to reduce its shareholding in Glanbia plc from 54.4% to 41.4%.

John Moloney, group managing director of Glanbia plc, comments: “The joint venture presents substantial strategic opportunity for both Glanbia and the Society. From a Society perspective, it creates a strong platform from which to grow milk volumes and capture the benefits arising from increased milk production and processing post the abolition of milk quotas in 2015. For Glanbia plc, the joint venture enables it to continue its successful international growth strategy and maximise value for all shareholders.”


Warning: count(): Parameter must be an array or an object that implements Countable in /home/fdbusiness/public_html/wp-content/themes/legatus-theme/includes/single/post-tags.php on line 5
Share

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

[eventlist]

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements