A Taste of Wellness for Savoury and Snacks
Givaudan
Major European dairy processor Glanbia has sold its UK fresh pork operations to concentrate on core business - cheese, nutritional ingredients and consumer foods with a nutritional twist.
UK meat processor Flagship Foods acquired the business for €32.3 million. The acquisition includes two facilities in Tipton and West Bromwich.
A smaller pig abattoir in Gainsborough, Lincolnshire is not part of the transaction but the group is putting forward a proposal to cease operations at the site.
The Irish company expects the sale to result in an exceptional charge of £14.5 million (€21.0 million) in the current financial year, arising from asset write-downs and the write back through the profit and loss account of goodwill previously written off against reserves.
Earlier this year Glanbia announced that it was ready to expand its operations. A reduction in borrowing and a strengthened financial position have enabled it to consider building its core business areas through acquisitions.
John Moloney, group managing director of Glanbia, said recently that the company is particularly keen to build its nutritional ingredients operations.