30th Nov 2006 10:15
Glanbia PLC30 November 2006 Glanbia plc announces strategic international investment. 30 November 2006 - Glanbia plc, the international dairy foods and nutritionalingredients Group, today announced two new strategic investments to furtherexpand the Groups international market reach. Glanbia is to invest a total of€27.1m in its joint venture consumer foods business in Nigeria and in a newnutritionals facility near Shanghai in China. In 2003 Glanbia established a 50:50 joint venture with PZ Cussons plc supplyingevaporated milk and milk powder to the Nigerian market. The joint venturecurrently has a packing facility for milk powders, much of which is sourced inIreland and a manufacturing plant for evaporated milk. The partners have nowdecided to double the capacity of the evaporated milk facility and to develop asecond facility to produce a further range of beverages to meet the increasingrequirements of Nigeria's fast growing, dynamic consumer market. Glanbia is toinvest €22.5m in these projects over the next two years. Glanbia is also investing €4.6m in its first nutritonals facility in the AsiaPacific region. The Group is currently supplying dairy and non dairy derivednutritional solutions to the Asian market, particularly aimed at the rapidlygrowing infant formula sector. The facility will be located in Suzhou, outsideShanghai and is expected to be completed in early 2008. ENDS For further information contact: Glanbia: Geraldine KearneyDirector of Corporate Communications + 353 87 231 9430 Note for Editors Glanbia plc is a leading international dairy foods and nutritional ingredientsGroup, with operations in Ireland, Europe, the USA and Nigeria. The companyemploys approximately 4,000 people and has an annual turnover of €1.8 billion. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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