Glanbia PLC GLB Joint Venture Proposal Approved by Shareholders

  Glanbia PLC (GLB) - Joint Venture Proposal Approved by Shareholders

RNS Number : 5813R
Glanbia PLC
20 November 2012




 new dairy processing joint VENTURE proposal approved by glanbia shareholders



20 November 2012 - Glanbia  plc ("Glanbia"), the global nutritional  solutions 
and cheese group,  is pleased  to announce  that at  an Extraordinary  General 
Meeting held today, Glanbia shareholders  have approved the proposal to  enter 
into a dairy processing joint  venture with the majority shareholder,  Glanbia 
Co-operative Society Limited (the  "Society") (the "Joint Venture  Transaction 
").



This approval  follows the  positive vote  by  Members of  the Society  on  13 
November and the Joint Venture transaction  is now expected to complete on  25 
November 2012.









ENDS



For further information contact:



Glanbia plc

Siobhán Talbot, Group Finance
Director +353 56 777
2200

Shane Power, Group Investor Relations
Manager +353 56 777 2244

Geraldine Kearney, Corporate Communications Director 
+ 353 87 231 9430



Murray Consultants


Pat Walsh

+353 87 2269 345









Note to Editors:



About the proposed new Irish dairy processing Joint Venture Transaction:



The Joint Venture Transaction incorporates  the business and assets of  Dairy 
Ingredients Ireland ("DII"), a business unit  of the Dairy Ireland segment  of 
Glanbia, including its 45% share of the  Corman Miloko Ireland JV and its  23% 
shareholding in the Irish Dairy Board. The  new joint venture, to be known  as 
Glanbia Ingredients Ireland ("GII") will be  60% owned by the Society and  40% 
owned by  Glanbia.  The  business,  net  fixed  assets,  working  capital  and 
liabilities of DII will be transferred  to the joint venture, which will  also 
assume the relevant pension obligations of DII.



The existing  DII  business is  the  largest dairy  ingredients  processor  in 
Ireland, assembling a milk pool of  1.6 billion litres and processing it  into 
c.180,000 tonnes of dairy ingredients largely for export to over 50  countries 
worldwide. In 2011, DII generated revenue of €738 million, operating profit of
€33 million and earnings before  interest, tax, depreciation and  amortisation 
of €44 million.



                     This information is provided by RNS
           The company news service from the London Stock Exchange

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JVEPGGUWGUPPGPU -0- Nov/20/2012 12:40 GMT
 
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