March 6, 2008

Glanbia announces sale of pork business to Rosderra Meats
 

Irish food group Glanbia plc has announced the completed sale of its pork business, Glanbia Meats Ireland, to a management team led by the division's chief executive Jim Hanley for EUR 35 million (US$53.4 million).

The business is to operate as Rosderra Irish Meats Group Ltd.

Glanbia will record a loss of EUR 20.5 million (US$31.3 million) in relation to its pork business exit. 

The company has been reviewing strategic options for its pork business ever since a fire has destroyed a significant part of its pork processing facility in August 2007.

The sale is in line with Glanbia's objective of focusing on key growth areas of cheese and nutritional ingredients. The transaction's earnings would be invested into the company's growth strategy.

Glanbia plc is an international dairy foods and nutritional ingredients group with operations in Ireland, Europe and the US. The company processes 4.7 billion litres of milk and manufactures 210,000 tonnes of food ingredients per year.