Irish food group Glanbia has moved a step closer in its bid to sell a stake in its domestic ingredients business.
Glanbia said it has signed contracts with its majority shareholder, the Glanbia Co-operative Society, to run what it said is the largest dairy ingredients supplier in Ireland.
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The plan, first announced in August, will see Glanbia sell a 60% stake in the ingredients unit to the co-op.
Glanbia’s group managing director John Moloney said the deal, which will be voted on by the co-op’s members next month, will help the Irish company “continue its successful international growth strategy and to maximise value for all shareholders”.
The group also has operations in the US cheese sector and supplies ingredients to companies including infant formula firms, cereal manaufacturers and sports products for athletes.
Co-op members are set to vote on the joint venture plan on 13 November.
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By GlobalData
