Dairy group Glanbia has announced the sale of its 25% interest and GBP35m (US$68.96m) interest bearing loan notes in The Cheese Company Holdings Limited (TCCH) to majority shareholder Milk Link Limited for a total consideration of GBP47.207m in cash.
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Proceeds will be used to fund the growth strategy of the Glanbia Group, the Irish company said. The sale will result in an exceptional charge of EUR9.2m in Glanbia’s financial statements for the year ended 31 December 2006, relating to the discounting of the 2008-2018 loan notes to current values.
Glanbia Group managing director John Moloney said: “We have had a mutually very satisfactory relationship with Milk Link since 2004 during which The Cheese Company has developed into a strong integrated business.
“We consider now to be an appropriate time to dispose of our remaining interest and to focus on the development of our fast growing international businesses. I am pleased that we will continue with key commercial arrangements with Milk Link on a number of fronts going forward.”
TCCH produces cheddar, Stilton and British territorial cheeses, supplying the retail, food service and ingredient sectors.
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