Glanbia joint venture receives 70% support

Glanbia farmers have voted to buy 60% of Dairy Ingredients Ireland (DII).

Glanbia farmers have voted to buy 60% of Dairy Ingredients Ireland (DII).

The decision means that DII will be renamed Glanbia Ingredients Ireland, a private company joint venture (JV) between the co-op and the PLC, which retains a 40% interest.

The JV will build a new €180m processing facility in Belview, with funding coming from the sale of the co-ops 3% shareholding. With shares currently fetching over €8m, this would be worth over €70m to the co-op. The shares will be offered to the market on November 25 next if the next stage of the process is successful. That will see an EGM of the PLC shareholders in Kilkenny on Thursday. After that, attention will then refocus on the co-op, with the active shareholders convening on Wednesday, November 28, 2012.