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)