Co-op urged to reject Kerry buy-out

The board of Newmarket Co-op has been urged to reject any further takeover bid from the Kerry Group.

A €23m bid for Newmarket Co-op by the Kerry Group was turned down by the co-op’s board last week, but negotiations are ongoing and the Kerry Group is believed to be close to another bid.

Newmarket Co-op is renowned for its cheese processing and specialised cheese-making expertise.

Cork North West TD Michael Moynihan urged the board to turn down any further bid for Newmarket Co-op.

He told the Evening Echo newspaper: “It would be a terrible blow. The independence of Newmarket Co-op is vital for the north Cork area.

“I have nothing against the Kerry Group whatsoever, but we have all seen what effect monopolies have had on beef — my fear would be that it would have a similar effect on cheese.

“Newmarket cheese has won countless awards and is regarded as among the very best. Let’s keep it that way.”

There was no comment available from either Newmarket Co-op or the Kerry Group today.

Meanwhile, 11 employees at Glanbia in Castlelyons are due to meet management in Mitchelstown on March 18 to discuss their impending redundancy.

The chilling department of the dairy food company is to close in the coming weeks and the 11 employees will hold talks on possible relocation and redundancy packages.

Glanbia said reducing costs in a very competitive industry led to the decision to close the chilling hall.

Article courtesy of The Evening Echo newspaper.