Ornua to pay €15m cash bonus to members
Ornua, formerly known as the Irish Dairy Board, will pay a cash bonus of €15m to its member suppliers following the sale of its stake in a US speciality foods distribution business.
In December Ornua sold its majority stake in DPI Specialty Foods to US private equity firm Arbor Investments.
The company said it will use some of the cash gained from the sale to fund the bonus.
The bonus will be paid in between April and May and will be in addition to the normal annual cash bonus paid by Ornua.
Ornua said that the sale of DPI will allow it to "continue to develop its core business of building routes to market for Irish dairy products on behalf of Irish dairy farmers".
Earlier today Ornua announced that it has acquired Shanghai-based dairy manufacturer Ambrosia Dairy. It is Ornua's first manufacturing base in China.
Over the last 18 months, Ornua has made acquisitions in Africa, Germany, Ireland, Saudi Arabia, Spain, the UK and the US. The new acquisition comes weeks after the opening of a new powdered milk packaging factory in Nigeria.