Glanbia agrees dairy unit deal

Glanbia has reached initial agreement with its majority shareholder — Glanbia Co-operative Society — regarding the future ownership of its dairy ingredients processing unit.

The two entities have signed contracts to enter into a joint venture ownership arrangement for Dairy Ingredients Ireland — the country’s largest dairy ingredient processor — and have set a date for members to vote on the matter.

Currently, a €700m revenue-generating business unit of Glanbia plc’s dairy Ireland division, Dairy Ingredients Ireland is set to fall under a new joint venture: 40% controlled by Glanbia and 60% owned by Glanbia Co-Op.