Cheese and ingredient specialist Glanbia has announced the €300m sale of its Irish dairy and agri businesses to Glanbia Co-operative Society.
The businesses to be sold include three divisions – Dairy Ingredients Ireland; Consumer Products and Agribusiness; and Glanbia Estates, Group Business Services and Irish Joint Ventures & Associates.
The sale, which will be completed by 15 June, is raise at least €300m.
Glanbia said the move would strengthen the company’s balance sheet and give it more flexibility to develop its international operations and grow its core nutritional ingredients and cheese markets.
“In a changed global dairy market environment, the time and opportunity is now at hand to recognise and embrace the need for transformation,” said Glanbia group MD John Moloney.
“This transaction provides the prospect of reshaping the business and unlocking growth and development potential for both the society and the company.”
Tough global dairy markets bruise Glanbia (20 March 2010)
Glanbia eyes sale of Irish dairy arm (10 March 2010)
Glanbia predicts improved profits for 2010 (6 January 2010)