(Alliance News) - Glanbia PLC announced on Monday that Glanbia Cooperative Society Ltd has bought its 40% interest in Glanbia Ireland DAC for EUR307 million.
The Kilkenny, Ireland-based nutrition company said the disposal comes as part of its increasing focus on nutrition through its platforms Glanbia Performance Nutrition and Glanbia Nutritionals.
Following the purchase of Glanbia's 40% stake, Glanbia Cooperative now holds total ownership of the milk processor and grain buyer. Formerly, Glanbia Cooperative held a 60% interest in the joint venture with Glanbia.
Glanbia Ireland operates 11 processing plants, 52 agri-retail branches and has over 2,000 employees. In the full year ended January 2, the pretax profit attributable to Glandbia's interest in Glanbia Ireland was EUR23.9 million.
Shares in Glanbia were down 4.0% at EUR12.46 on Monday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Glanbia (GLB)