The economy will get an annual €510m boost as Glanbia and its milk suppliers ramp-up investment and production by 2020 following the elimination of milk quotas in 2015.

Members of Glanbia Co-op are debating the pros and cons of a joint venture proposal which could see them acquire a 60% stake in Dairy Ingredients Ireland, the Glanbia group’s Irish dairy processing business.

Glanbia has reached initial agreement with its majority shareholder — Glanbia Co-operative Society — regarding the future ownership of its dairy ingredients processing unit.

Crucial vote meetings loom later this year for Glanbia Co-op Society’s 7,768 members with voting rights.

Glanbia co-op members could be in line for a €122m windfall if they agree to take a 60% stake in a joint venture with the Glanbia plc.

A contribution of two cent per litre on forecast growth milk volumes for five years from 2015 is being proposed to Glanbia milk suppliers, as part of a milk supply agreement plan from 2015.

Another major vote looms for Glanbia co-op shareholders, as Glanbia plc confirmed this week that talks are progressing with its majority shareholder, the co-op, to turn its Irish dairy processing business into a joint venture (40% plc/60% co-op).

Glanbia is set to buy the IDA’s greenfield site at Belview, Co Kilkenny, as part of its plans to expand its milk processing capacity.

Sustainable, low-carbon food production is vital for Ireland’s clean image and also cuts business costs, according to 120 food and drink industry chief executives gathered in the UCD Michael Smurfit School of Business yesterday to launch a Bord Bia-led programme.

SALES growth in Glanbia’s cheese and global nutritional businesses has led the food group to project its earnings per share to increase by 20% for 2011.

GLANBIA and Teagasc have launched a three-year joint dairy programme to position Glanbia milk suppliers to take advantage of growth opportunities that will arise after abolition of EU milk quotas in 2015.

THE international nutritionals and cheese group, Glanbia, is expecting a strong first-half result, according to a trading statement issued yesterday.

Food group Glanbia in a half-year trading statement issued this morning said it had a "strong" six months to the end of June.

GLANBIA’S Food Ingredients Ireland business is worth about €150m if valued similarly to Wexford Creamery, where a partial buyout has been confirmed, according to Goodbody Stockbrokers.

Food group Glanbia today announced that it has conditionally agreed to sell its Irish Dairy and Agri Businesses to Glanbia Co-operative Society for around €340m.