Irish-based diary and consumer foods group Glanbia has announced that it has sold its UK fresh pork operations, Glanbia Fresh Meats (UK), to UK meat processor Flagship Foods.
Glanbia Fresh Meats is a supplier of fresh pork products to the UK retail sector and also supplies food manufacturers in the UK, Europe and the Far East. The business being sold has two facilities in Tipton and West Bromwich. The deal does not include another smaller pig abattoir in Gainsborough, Lincolnshire, which Glanbia is proposing to close.
At 5 July 2003, the net assets of the business being sold (including goodwill previously written off against reserves) were approximately £22.3m (US$36.5m).
Glanbia expects the sale to result in an exceptional charge of £14.5m in the current financial year.