Glanbia is a step closer to completing its Glanbia Ingredients Ireland (GII) joint venture with majority shareholder Glanbia Co-operative Society Ltd.
The Irish dairy giant has now signed contracts with the Society - following the August 2012 Memorandum of Understanding. Under the agreement, a new processing plant will be constructed in Kilkenny, Ireland in anticipation of the abolition of the European milk quotas in 2015.
“The joint venture will ensure a continuation of strong and complementary links between the plc and the society within a structure that better accommodates the strategic interests of Society members. It also enables Glanbia to continue its successful international growth strategy and to maximise value for all shareholders,” said Glanbia group managing director, John Moloney.
If approved by both Society members and its shareholders, Glanbia expects to complete the joint venture transaction by the end of 2012.