Glanbia sells pigmeat activities
The Irish dairy and food group Glanbia has sold its pig
meat activities for €35m in a management buyout led by the chief executive of
the division Jim Hanley.
The business will further operate as Rosderra Irish Meats Group Ltd.
Since a large fire in August 2007 destroyed a significant part of a Glanbia
Meats processing facility in County Offaly, the company has been reviewing the
strategic options for its pig meat business.
Glanbia will record an exceptional loss of €20.5m relating to the exit
from its pigmeat activities.
"This development is consistent with Glanbia's stated objective of focusing
on key growth areas of cheese and nutritional ingredients and the proceeds from
this transaction will be invested in furthering the Group's growth strategy,"
said Glanbia Group managing director John Moloney.
the latest pig news, subscribe here
To comment, login here
Or register to be able to comment.