Irish dairy and ingredients group Glanbia has said it is still in “constructive” talks on a proposed joint venture in Irish dairy processing with its majority shareholder.

Glanbia said today (26 June) it is in discussions to sell 60% of its Irish dairy processing business to Glanbia Co-operative Society via a new joint venture.

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The dairy firm believes the move will facilitate the development of the business including the “flexibility” to expand capacity after EU milk quotas are abolished in 2015.

Glanbia also confirmed it is finalising an option to purchase a greenfield site at Belview, in Co. Kilkenny from IDA Ireland.

Today’s decision is one of a number of moves by the company in recent months. In May, the firm agreed to sell its local rights to Yoplait back to the yoghurt maker. The decision, which resulted in 50 job cuts, followed a strategic review of its consumer products business.

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