IRELAND: Wexford Creamery owners back sale to Glanbia

By Dean Best | 6 December 2013

The farmer-owners of Wexford Creamery have approved the sale of the Irish dairy processor to Glanbia.

Members of farmer co-op Wexford Milk Producers voted in favour of a plan to sell its 70% stake in the business to Irish dairy giant Glanbia.

The deal will see Wexford Milk Producers buy the other 30% of Wexford Creamery from UK processor Dairy Crest.

The transaction remains subject to the approval of Ireland's competition watchdog. Jim Bergin, CEO of Glanbia Ingredients Ireland, said: "We look forward to continuing to build on what has been a long, and  mutually beneficial relationship with Wexford Milk Producers over many years involving milk supplies, cheese manufacture and whey supplies."

Glanbia will attain a selection of branded products. However, the deal will also boost its supply of milk and processing capacity through the deal ahead of the planned end of EU quotas on milk production.

Bergin added: "Subject to Competition Authority approval we hope to complete the transaction in quarter one 2014 which will allow us to work in partnership with Wexford to optimise the opportunities presented by milk quota abolition and to build a sustainable business for all concerned into the future."

Sectors: Dairy, Mergers & acquisitions

Companies: Dairy Crest, Glanbia

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