Jim Bergin, GII chief executive, said the decision would allow the company to progress its milk expansion plans and develop its flagship dairy processing facility.
The €180m project will provide jobs for up to 450 people in the construction phase.
GII employs around 500 people, including 320 at its Ballyragget facility, and expects to employ a further 70 at the new Belview facility.
Sheep Ireland elect Murphy
IFA national sheep chairman James Murphy was elected chairman of Sheep Ireland at a meeting of the new board in Portlaoise.
Sheep Ireland was established in 2008 to improve profitability in sheep production, and has been operating with an interim board under chairman Dermot Ryan from the Department of Agriculture.
Speaking after his appointment, Mr Murphy said full co-operation from sectors across the industry was vital to ensure the benefits from sheep breed improvement were maximised.
Department to honour AEOS
organic farmers who applied to the AEOS scheme in 2010 are to have their contracts honoured by the Department of Agriculture.
Some 148 organic farmers who joined AEOS in 2010 and opted for certain area-based options, such as species-rich grassland and traditional hay meadows, were informed in 2011 that they would no longer be paid on these measures.
Some 67 farmers successfully appealed the decision but the ruling was not applied to the remaining 81 farmers who did not. The move has been welcomed by the Organic Trust and the Irish Organic Farmers and Growers Association.