Glanbia plc and Glanbia Co-op have today announced they have signed a non-binding memorandum of understanding for the sale of 40 per cent stake in Glanbia Ireland to Glanbia Co-op for a purchase price of €307 million ($352 million).
The transaction will allow Glanbia to focus on its two growth platforms, Glanbia Performance Nutrition and Glanbia Nutritionals, as well as strategic joint ventures.
“Glanbia Ireland has a successful heritage, and for many years we have valued the partnership with Glanbia Co-op in creating a strong business under our joint stewardship. This is the right time for the Proposed Transaction. The Co-op is the right owner to continue the strategic development of Glanbia Ireland for the benefit of the Co-op’s members, and the PLC can continue to maximise the opportunities for its own business in the post-Covid environment, with our focus on health, wellbeing and nutrition,” said Donard Gaynor chairman of Glanbia.