Glanbia changes focus with sell-off
The sell-off will have a negative impact on Glanbia’s books, as on 5 July 2003, the net assets of the business being sold (including goodwill previously written off against reserves) were approximately €32.3 million. “Glanbia expects the sale to result in an exceptional charge of €21 million in the current financial year, arising from asset write-downs and the write back through the profit and loss account of goodwill previously written off against reserves,” the company said in a statement yesterday.
Glanbia group managing director John Moloney said: “The exit from our UK fresh pork operations represents the continuation of the transformation of the group into a focused international company with leading positions in all of its chosen markets. We now intend to continue the process of developing our strong international positions in cheese, nutritional ingredients and consumer foods with a nutritional emphasis.”
