Glanbia plc completes sale of mozzarella JVs

Glanbia PLC

28 April 2023

 

Glanbia plc completes sale of mozzarella Joint Ventures to partner Leprino Foods

28 April 2023. Further to its announcement on 01 March 2023, Glanbia plc (the "Group" or "Glanbia"), the better nutrition company, today confirms the completion of the sale of its shareholdings in Glanbia Cheese, a leading mozzarella maker in Europe comprising Glanbia Cheese EU Limited and Glanbia Cheese Limited  (collectively "Glanbia Cheese"), to Leprino Foods Company ("Leprino Foods").

Transaction proceeds of €178.9 million (comprising consideration of €114.0 million and repayment of €64.9 million of shareholder loans) have been received in cash, with further contingent consideration of up to €25.0 million, dependant on the performance of Glanbia Cheese over the next three years.

The transaction will be subject to customary post completion cash and working capital adjustments. The proceeds of the transaction will be used for general corporate purposes.

Following a transition period post-completion, the Glanbia Cheese business will be renamed Leprino Foods UK Limited and Leprino Foods EU Limited.

In the 2022 financial year the Group's shareholding in Glanbia Cheese represented a gross asset value of €52.8 million and contributed profit before tax of €9.5 million (including shareholder loan interest income) for the Group.

Post completion, Glanbia plc will continue to focus on its better nutrition strategy serving consumer health and wellness categories through its consumer brands and ingredient solutions business.

For further information, please contact:

Glanbia plc   [phone] 

Mark Garvey, Group Finance Director

Liam Hennigan, Group Secretary & Head of Investor Relations:                        [phone]

Donal O'Keeffe, Investor Relations Director:                                                       [phone]

Martha Kavanagh, Director of Corporate Affairs:                                                 [phone]

 

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