Glanbia exits dairy processing to focus on nutrition

The firm wants to concentrate on making nutritional ingredients for food producers and protein supplements for bodybuilders

The company said that it expected to hit the upper end of its 17-22% earnings per share forecast growth range for 2021.

Glanbia has agreed to sell its 40% share in Ireland's largest dairy processor for €307m to concentrate on making nutritional ingredients for food producers and protein supplements for bodybuilders.

Shares in Glanbia are up 2.3% at €14.3 in early morning trading after it said it was selling its stake in Glanbia Ireland to Glanbia Co-op, the majority shareholder and will use up to 50% of the proceeds for a share buyback next year.