February 22, 2017 / 8:48 AM / 6 months ago

Glanbia to spin off units into Irish JV with dairy co-op

(.)

Feb 22 (Reuters) - Nutritional ingredients maker Glanbia Plc has agreed to spin off its Irish consumer food and agribusiness divisions into a joint venture it has with Irish dairy co-op Glanbia Co-operative Society Limited.

Glanbia will hold a 40 percent stake in the joint venture, to be renamed Dairy Ireland, and the co-op will own 60 percent.

The co-op's stake in Glanbia will fall to 31.5 percent from 36.5 percent as a result of the transaction, which Glanbia hopes will close by mid-year.

Glanbia on Wednesday reported an 11-percent increase in earnings per share, topping a forecast range of 8-10 percent.

It said it expected earnings per share to climb 7-10 percent in the coming year. (Reporting by Conor Humphries; editing by Jason Neely)

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