Glanbia is considering selling its Irish dairy and agri businesses to major shareholder Glanbia Co-operative Society.

The company said it was in discussions with Glanbia Co-op to sell its Dairy Ireland operations - which include dairy ingredients, consumer products and agribusiness - as well as its Irish property business, group business services and related Irish joint ventures and associates.

“For Glanbia, it would increase the group’s focus on international nutritional ingredients and cheese, significantly improve financial flexibility and enhance development of its successful growth strategy,” the company said.

Glanbia this morning posted a 19% drop in full year pre-tax profits to €97.4m as sales fell 18% to €1.83bn.

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