Takeover of Galtee gets go-ahead
The multi-million euro takeover of Galtee, which was owned by Dairygold, had been held up by a lengthy investigation by the Competition Authority on the impact of the deal on the meat market.
Last month, the authority said that during the normal one-month initial investigation it was unable to determine whether the purchase would substantially weaken competition in the market and began a full investigation under Section 22 of the Competition Act 2002.
“Having considered the information provided and collected, the Competition Authority has been unable to form the view that the result of the proposed acquisition will not be to substantially lessen competition in markets for goods and services in the State,” the authority noted in its determination.
The sale of Galtee forms part of the restructuring of Dairygold, which is in the process of shedding 1,000 jobs.
The Competition Authority was told in September of Dawn Meat’s plans to take over Charleville-based Galtee, which employs around 150 people, primarily in slaughtering.
Dawn Meats had pre-tax profits of €9.5 million in 2002, a drop of 37% on the previous year.
It had sales of €663m and employs over 2,500 people. The price of the acquisition of Galtee has not been disclosed.
