Glanbia reveals plans for major new joint venture

Glanbia has revealed plans this morning to spin out €100m worth of shares to create a new entity called ‘Glanbia Ireland’.

The joint venture will be a €1.5 billion diversified business with the majority owned by Glanbia farmers.

If approved Glanbia Ireland will own leading brands such as Avonmore, GAIN Feeds, Kilmeaden Cheese, Premier Milk, mymilkman.ie and Wexford.

Meanwhile Glanbia PLC has also revealed full year results this morning showing double digit earnings growth for a seventh consecutive year.