Glanbia completes sale of pigmeat business

GLANBIA announced yesterday that it had completed the sale of its pigmeat business to a management team for €35 million.

The figure includes insurance proceeds stemming from a fire last year at the group’s Edenderry processing plant in Co Offaly.

An exceptional loss of €20.5m will be recorded in the Glanbia group’s 2007 financial statements relating to the exit from pigmeat activities, inclusive of the sale of a cannery site at Rooskey, Co Roscommon.