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.