Glanbia seals €14.5m purchase

GLANBIA Plc yesterday announced the acquisition of the German-based nutrient delivery systems company, Kortus Food Ingredients Services.

The Irish food giant has acquired the assets and goodwill of Kortus for a consideration of €14.5 million. This is comprised of €10.5m cash and with a further deferred payment of €4m, of which €2m will be payable subject to the achievement of a pre-determined performance target.

Kortus is a privately- owned nutrient delivery systems company based in Orsingen- Nenzingen in southern Germany.