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.

The new owners of Glanbia Meats are led by chief executive Jim Hanley, head of operations Niall Leydon, head of human resources Michael Slevin and head of strategy and finance Andy Fleming. They will operate under the name of Rosderra Irish Meats Group.

Some 850 people are employed in the business at four major facilities in Roscrea, Co Tipperary, Edenderry, Co Offaly, Rooskey, Co Roscommon and Clara, Co Offaly, and at various pig farms.

The company is Ireland’s largest producer of pigmeat — accounting for more than 40% of the industry — two-thirds of which is exported worldwide. It processed 1.3 million pigs in 2006.