FDBusiness.com

Glanbia Completes Sale of 60% Interest in Dairy Ireland Business

 Breaking News
  • Greene King Being Sold For £2.7 Billion CK Asset, which is one of the largest property developers in Hong Kong and an international investment group, has made a recommended £2.7 billion cash offer for Greene King, the UK’s leading integrated brewer and pub retailer operating over 2,700 pubs, restaurants and hotels across England, Wales and Scotland. Including debt, the enterprise value of [...]...
  • The Hershey Company Takes Minority Stake in Irish Snacking Brand The Hershey Company, the US-based food group, has made a minority investment in Fulfil Holdings, the owner of the snacking brand FULFIL. Headquartered in Dublin, Ireland, FULFIL has rapidly grown since its inception, now outselling many traditional chocolate snack bar brands in the UK and Ireland and named a top 50 consumer brand in Ireland. Brian [...]...
  • UK Restaurant Numbers Drop Again as Consumer Tastes Shift Britain’s restaurant numbers have fallen for the sixth quarter in a row, the new edition of the Market Growth Monitor from CGA and AlixPartners reveals. Independent operators have borne the brunt of the closures with group-owned restaurants proving more resilient despite some major brand failures. The quarterly survey of the country’s supply of licensed premises reports a 3.4% drop in [...]...
  • Molson Coors Commits to Reduce Plastics in Packaging Molson Coors in the UK and Ireland is removing the plastic packaging from its Carling and Coors Light brands, as part of new global packaging goals. The brewer will remove the plastic film wrap from large multipacks by the end of March 2020, replacing the plastic wrap with 100% recyclable fully enclosed carton board. By [...]...
  • Carlsberg Group Upgrades Full Year Operating Profit Outlook Carlsberg Group has delivered organic operating profit growth of 17.7% for the first half of 2019 with reported growth of 18.2% to DKr 5.17 billion (€693 million). Organic net revenue growth was 4.2% and on a reported basis net revenue rose by 6.5% to DKr32.99 (€4.42 billion). Operating margin improved by 160bp to 15.7%. Reported net [...]...

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

  • September 11, 2019Packaging Innovations & Luxury Packaging London 2019
  • October 1, 2019PPMA Total Show
  • October 17, 2019Future Food-Tech
  • November 18, 2019Plastics Caps and Closures Conference 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements