New Irish Dairy Processing Joint Venture Approved
Following approval by both sets of shareholders, Glanbia Ingredients Ireland, the joint venture between Glanbia plc and Glanbia Co-operative Society, is expected to be established on November 25.
The joint venture incorporates the business and assets of Dairy Ingredients Ireland, a business unit of the Dairy Ireland segment of Glanbia plc, including its 45% share of the Corman Miloko Ireland joint venture and its 23% shareholding in the Irish Dairy Board. The new joint venture, to be known as Glanbia Ingredients Ireland, will be 60% owned by the Glanbia Co-operative Society and 40% owned by Glanbia plc.
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 about 180,000 tonnes of dairy ingredients largely for export to over 50 countries worldwide. In 2011, DII generated revenue of Eur738 million, operating profit of Eur33 million and earnings before interest, tax, depreciation and amortisation of Eur44 million.
