Glanbia seals €14.5m purchase
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.
It specialises in the production, research and development of customised nutrients systems for customers in the infant formula, clinical nutrition and dietetics markets.
The acquisition is in line with Glanbia’s nutritional strategy of extending its solution capability and product range, and of strengthening access to the key sectors of infant and clinical nutrition.
Meanwhile, John and Bryan Daniels, a father and son team from Kilmoganny, Co Kilkenny, were declared the overall winners of the Glanbia Quality Milk Supplier Awards at a function in Glanbia House, Kilkenny, yesterday.
Eight regional awards were also presented at the ceremony.
Dr John O’Brien, chief executive of the Food Safety Authority of Ireland (FSAI), made the presentations.
Dr O’Brien said higher standards of food safety and quality are no longer simply an option in today’s competitive international marketplace.
“They are indispensable determinants of consumer confidence and food brand equity. Suppliers dedicated to milk hygiene and good agricultural practices on the farm will underpin Ireland’s future success in the dairy field.
“There is no room for complacency,” he said.
Glanbia chairman Tom Corcoran said quality is the gateway to winning and keeping consumer confidence. The need to demonstrate and promote the quality and safety of food has never been greater. He added Glanbia is proud of the standards being achieved by its milk producers.
