Sale of interest in TCC

Glanbia PLC
29 December 2006


       GLANBIA ANNOUNCES SALE OF REMAINING INTEREST IN THE CHEESE COMPANY 
                    HOLDINGS LTD FOR STG£47.207M (€70.41M)  

29 December 2006 - Glanbia plc, the international dairy foods and nutritional
ingredients Group, ('Glanbia') today announced the sale of its 25% interest and
Stg£35m interest bearing Loan Notes in The Cheese Company Holdings Limited
('TCCH'), to the majority shareholder, Milk Link Limited ('Milk Link'), for a
total consideration of Stg£47.207m (€70.41m), payable in cash. These proceeds
will be used to fund the growth strategy of the Glanbia Group.

This sale will result in an exceptional charge of €9.2m in the financial
statements for the year ended 31 December 2006, relating to the discounting of
the 2008 - 2018 Loan Notes to current values.  TCCH is the largest cheese
producer in the UK, with strong positions in cheddar, Stilton and British
territorial cheeses, supplying the retail, food service and ingredient sectors.
For the period ended 1 April 2006, TCCH generated profits before tax of £5.6m.
At 1 April 2006, the net assets of TCCH were £32.2m.

Commenting on the sale, Glanbia Group Managing Director, John Moloney, said 'We
have had a mutually very satisfactory relationship with Milk Link since 2004
during which The Cheese Company has developed into a strong integrated business.
We consider now to be an appropriate time to dispose of our remaining interest
and to focus on the development of our fast growing international businesses. I
am pleased that we will continue with key commercial arrangements with Milk Link
on a number of fronts going forward.'

ENDS

Exchange rate: €1 = STG 67.046

For further information contact

Glanbia plc                                                     [phone]

Geraldine Kearney, Director, Corporate Communications          + 353 87 231 9430

Hogarth Partnership UK                                          [phone]

John Olsen



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