Glanbia has pulled out of pigmeat with the sale of its unprofitable Glanbia Meats Ireland division this week.

The cheese and nutritional ingredients group reached agreement to sell Glanbia Meats Ireland to an MBO team led by its chief executive, Jim Hanley. It will be known as Rosderra Irish Meats Group following the €35m sale.

The division supplies major retailers in Ireland and the foodservice sector in the UK, and produces and processes 40% of Irish pigmeat. Two thirds is exported.

Glanbia said it would record an exceptional loss of €20.5m in its 2007 financial report following the exit from pigmeat.