IRELAND: Irish Dairy Board eyes M&A after refinancing
The IDB is looking to capitalise on the end of EU quotas on milk production next year
The Irish Dairy Board has signalled a new refinancing deal could allow the co-operative to make acquisitions.
The co-op said today (26 March) a five-year syndicated bank facility of EUR420m (US$579.4m) would replace existing three-year financing worth EUR350m.
It said the deal gave it "significant funds to meet domestic and international growth requirements" ahead of the end of EU milk quotas in 2015.
Donal Buggy, the IDB's finance director, said the agreement would give the co-op more flexibility and added: "It also gives us the opportunity to make further acquisitions or other strategic investments on our journey to providing routes to market and superior returns for Irish dairy farmers."
Officials at the IDB could not be reached for further comment.
In recent months, the IDB's projects to expand the business have included plans for a cheese manufacturing plant in Saudi Arabia.
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