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.
How will the food industry fare in 2014? We asked food professionals their thoughts on issues including consumer confidence, M&A and NPD. Join just-food editor Dean Best, former IRI/PwC economist Rod Street and Palatine Private Equity's Charlotte Ashton in our annual bellwether webinar on Friday 28 March. Register here.
Canadean's "Irish Dairy Board Co-operative Limited: Consumer Packaged Goods - Company Profile & SWOT Report" contains in depth information and data about the company and its operations. The profile co...
The report provides a review of the mergers and acquisitions (M&As), partnering deals, and agreements entered into by companies active in the global prepared meals market during September 2014....
- What Grexit could mean for the food industry
- just-food's pick: Top trends at Fancy Food Show
- Focus: ConAgra own-label exit plan is about growth
- Focus: Can General Mills improve US retail sales?
- IRI – The opportunity of range optimisation
- Hovis "mulls Irish Pride Bakeries takeover"
- JBS acquires Cargill's US pork unit
- North Castle acquires stake in Sprout
- ABF's Kingsmill returns to Tesco
- US performance weighs on General Mills