Last checked at 20 Nov 2012 12:40
new dairy processing joint VENTURE proposal approved by glanbia shareholders
20 November 2012 - Glanbia plc ("Glanbia"), the global nutritional solutions and cheese group, is pleased to announce that at an Extraordinary General Meeting held today, Glanbia shareholders have approved the proposal to enter into a dairy processing joint venture with the majority shareholder, Glanbia Co-operative Society Limited (the "Society") (the "Joint Venture Transaction ").
This approval follows the positive vote by Members of the Society on 13 November and the Joint Venture transaction is now expected to complete on 25 November 2012.
ENDS
For further information contact:
Glanbia plc
Siobhán Talbot, Group Finance Director +353 56 777 2200
Shane Power, Group Investor Relations Manager +353 56 777 2244
Geraldine Kearney, Corporate Communications Director + 353 87 231 9430
Murray Consultants
Pat Walsh +353 87 2269 345
Note to Editors:
About the proposed new Irish dairy processing Joint Venture Transaction:
The Joint Venture Transaction incorporates the business and assets of Dairy Ingredients Ireland ("DII"), a business unit of the Dairy Ireland segment of Glanbia, including its 45% share of the Corman Miloko Ireland JV and its 23% shareholding in the Irish Dairy Board. The new joint venture, to be known as Glanbia Ingredients Ireland ("GII") will be 60% owned by the Society and 40% owned by Glanbia. The business, net fixed assets, working capital and liabilities of DII will be transferred to the joint venture, which will also assume the relevant pension obligations of DII.
The existing DII business is the largest dairy ingredients processor in Ireland, assembling a milk pool of 1.6 billion litres and processing it into c.180,000 tonnes of dairy ingredients largely for export to over 50 countries worldwide. In 2011, DII generated revenue of €738 million, operating profit of €33 million and earnings before interest, tax, depreciation and amortisation of €44 million.