The Irish Farmers’ Association (IFA) President Joe Healy has welcomed the huge turnout of farmers at Glanbia Co-op’s Special General Meeting yesterday, where shareholders supported changes to the Glanbia structure to create Glanbia Ireland.
Approximately 2,400 eligible shareholders turned up to Punchestown Event Centre in Co. Kildare to cast their votes.
Close to 90% of all shareholders agreed to pass plans for the co-op to pay €112 million to acquire a 60% shareholding in Glanbia PLC’s Dairy Ireland division; consisting of Glanbia Consumer Products and Glanbia Agribusiness.
In a statement following the vote, the IFA said that it looks forward to engaging with Glanbia Ireland on behalf of its members.
Commenting on the new strategic joint venture, Healy said: “The success of Glanbia Ireland will be judged in the long run on its ability to deliver strong base prices for milk and grain, and to deliver competitively-priced inputs.”
What is Glanbia Ireland?
With an expected annual revenue of €1.5 billion; Glanbia Ireland will own brands such as Avonmore, GAIN, Kilmeaden Cheese, Premier and Wexford.
Co-op shareholders had been urged to vote in favour of the creation of the new joint venture, which is just one of a number of proposals that have been passed as a result of the vote.
All proposals were carried; a strong majority of shareholders agreed to pass each of the measures.