Revenues at Glanbia division hit €738m

DII, the business at the centre of major joint venture proposals in the Glanbia plc and co-op society, generated 2011 revenues of €738 million and earnings of €44m.

It is the largest dairy ingredients processor in Ireland, assembling and processing 1.6 billion litres of a milk, largely for export, and employs over 500. Included in the proposal are Glanbia’s 45% share of the Corman Miloko joint venture and its 23% share in the Irish Dairy Board.

Taking a 60% stake would cost the society €44.5m, plus its €17.8m share of a fresh equity injection. This would be financed by the sale of 3% of Glanbia plc, and a balancing loan note from the society to the plc of €10.2m. The proposal includes the option for the society to acquire the remaining 40% of the joint venture within six years.