REG - Glanbia PLC - Glanbia plc completes sale of mozzarella JVs

GlanbiaAnnouncement

28/04/2023 14:30

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RNS Number : 9239X  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   +353 56 777 2200

Mark Garvey, Group Finance Director

Liam Hennigan, Group Secretary & Head of Investor Relations:
              +353 (0)86 046 8375

Donal O'Keeffe, Investor Relations
Director:
+353 (0)86 047 2974

Martha Kavanagh, Director of Corporate Affairs:
                            +353 (0)87 646 2006

 

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