Lisavaird nets a tasty deal in seafood sector
Farmers have rarely been credited with a fondness for the sea but Lisavaird Co-op has turned that notion on its head.
The West Cork dairy processor is acquiring a majority stake in Glenmar Shellfish, a fish processing firm based in the port of Union Hall.
The news comes in the same week that an 11pc increase in employment levels were predicted for the farming, forestry and fishery sectors during the first quarter of 2016.
This is three percentage points higher than the average across the whole economy, and the biggest year-on-year growth for the farming, forestry and fishing sector since 2007.
However, the proposed transaction is subject to approval by the Competition and Consumer Protection Commission.
The acquisition would be Lisavaird's first venture into the maritime sector but the move was described by co-op general manager, Pat Moriarty, as being consistent with the co-op's overall investment strategy.
Mr Moriarty pointed out that the business was local and located just 16km from the co-op's main base near Clonakilty.
He would not comment on the purchase price but local sources put the figure at between €4m and €5m.