February 22, 2017 / 7:28 AM / 6 months ago

BRIEF-Glanbia to sell 60 pct of Irish dairy business to Glanbia Co-Op

Feb 22 (Reuters) - Glanbia Plc

* Glanbia plc announces proposals to sell 60 percent of Dairy Ireland to Glanbia Co-Operative and create strategic joint venture Glanbia Ireland; signs a non-binding memorandum

* Dairy Ireland, comprised of Glanbia Consumer Foods Ireland and Glanbia Agribusiness is currently 100% owned by Glanbia Plc

* New entity, Glanbia Ireland, which will encompass Glanbia Consumer Foods Ireland and Glanbia Agribusiness and Glanbia Ingredients Ireland, will be 60% owned by Glanbia CO-OP and 40% owned by Glanbia Plc

* Transaction brings together in a single structure the ownership, operations and objectives of Glanbia’s Irish dairy and agri-businesses

* New entity to have €1.5 billion of annual revenue and a 2.4 billion litre milk pool; will be Ireland’s largest milk processor

* In 2016 Dairy Ireland delivered revenue of €616.2 million, EBITA of €30.7 million and an EBITA margin of 5.0%.

* The Dairy Ireland transaction is expected to be 5%‐7% adjusted EPS dilutive to Glanbia Plc in a full‐yea Further company coverage: (Reporting By Conor Humphries)

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