independent

Sunday 20 April 2014

Glanbia shareholders back spin-off of milk processing business into joint venture

SHAREHOLDERS of Glanbia have backed the planned spinning out of the company’s milk processing business into a joint venture with its farmer shareholders.

At an extraordinary general meeting in Kilkenny this morning, investors supported the deal, which will see Glanbia Co-op and the PLC take on the company’s milk processing function in a joint venture split 60:40 between the two companies.

The vote came a week after more than 70pc of Glanbia milk suppliers supported the co-op’s participation in the plan.

The co-op shareholders will now vote twice next month on whether it should sell shares in the PLC in order to finance the venture, which will see a new milk processing plant built at Belview Port in South Kilkenny.

The deal now is expected to close later this week.

By lunchtime, shares in Glanbia were down 1.2pc, at €7.68.

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