3rd Mar 2008 11:05
Glanbia PLC03 March 2008 GLANBIA EXITS PIGMEAT ACTIVITIES 3 March 2008, Glanbia plc, the international cheese and nutritional ingredientsGroup, today announces its exit from pigmeat activities, Glanbia Meats Ireland. In August 2007 a major fire destroyed a significant part of a Glanbia Meatsprocessing facility in County Offaly. For the past year or more the Group hasbeen reviewing the strategic options for the business and further to theannouncement made on 16 January, Glanbia today confirms that it has reachedagreement on the sale of its pigmeat business to an MBO team led by GlanbiaMeats Chief Executive, Mr Jim Hanley. Further to the sale the business is tooperate as Rosderra Irish Meats Group Limited. The total consideration received by Glanbia for the business (includinginsurance proceeds for the destroyed assets) will amount to €35 million. Anexceptional loss of €20.5 million will be recorded in the 2007 financialstatements of the Group relating to the exit from pigmeat activities, inclusiveof the sale of the Ruskey cannery site. "This development is consistent with Glanbia's stated objective of focusing onkey growth areas of cheese and nutritional ingredients and the proceeds fromthis transaction will be invested in furthering the Group's growth strategy"said Glanbia Group Managing Director, John Moloney. Ends For further information contact: Glanbia plcGeraldine KearneyDirector of Corporate Communications 0353 56 777 2357 / 00353 87 231 9430 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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