Glanbia Plc has recently signed a non-binding agreement to sell Glanbia Cheese, a mozzarella producer, to Leprino Foods Company. Glanbia plc is expected to receive initial cash consideration in excess of €160 million (US$193.2 million) for the sale of its stake in Glanbia Cheese.
Glanbia Cheese has 3 manufacturing facilities in Llangefni in Wales; Magheralin in Northern Ireland and Portlaoise, Ireland. After the sale, the existing management team will continue to manage the business with no disruption.
Siobhán Talbot, Group MD of Glanbia plc said, “Glanbia and Leprino Foods have enjoyed many years of successful partnership since our first Joint Venture was established. As we have evolved our portfolio at Glanbia in recent years, we have become very focused on our nutrition strategy, serving consumer health and wellness categories through our brands and ingredient solutions business. From the plc’s perspective the logic of this transaction is clear as it allows us to focus on our core better nutrition strategy and to allocate further capital to our global growth businesses. We have had a long and successful partnership with Leprino Foods, and we wish the entire team at Glanbia Cheese every success for the next chapter of the business.”
Paul Vernon, CEO Glanbia Cheese said that the acquisition will see its business aligned with Leprino Foods, the largest and most successful mozzarella business in the world. Paul added, “We look forward to working with Leprino Foods to build on our success as a trusted supplier and business partner to our customers in the pizza category across the UK and Europe.”
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