Whey Finance

Irish Glanbia leaves dairy processing to focus on nutrition

DUBLIN, Nov. 10 (Reuters) – Glanbia said on Wednesday it had agreed to sell its 40% stake in Ireland’s largest dairy processor for € 307 million to focus on making nutritional ingredients for producers foods and protein supplements for bodybuilders.

Glanbia shares rose 2.3% to 14.3 euros at 08:10 GMT after announcing the sale of its stake in Glanbia Ireland to Glanbia Co-op, the majority shareholder and will use up to 50% of the proceeds to a share buyback next year.

He said the rest will fund acquisitions.

Glanbia is looking for opportunities to add to its nutritional solutions portfolio, CFO Mark Garvey told Reuters, after also announcing the $ 52 million purchase of U.S. healthy snack ingredients company PacMoore Process Technologies. .

The company said it expects to hit the upper end of its expected growth range of 17-22% in earnings per share for 2021, after a strong third quarter in which it imposed a few price hikes.

He said he expects further increases in early 2022 in response to the persistent inflationary environment. Garvey said the price increases will be in the mid single-digit range and above after increasing prices 4.4% in his Glanbia Performance Nutrition.

He added that he expected a rise in the price of dairy raw materials such as whey to continue in the first half of next year before starting to moderate, but increases in others. areas such as the workforce would continue, especially in the United States (Report by Padraic Halpin, edited by Alexander Smith)