Dawn Meats has confirmed today (Thursday, June 15) that is to sell its minority shareholding in the meat processing business, Elivia.
The company will sell its stake to the farmer cooperative group Terrena, the majority shareholder of the French company.
Following ongoing discussions and a review of long-term business strategy, Dawn Meats and Terrena said they decided on alternative arrangements for the ownership of the company.
The deal, details of which are to remain confidential, will now be subject to approval of authorities in France and abroad.
Shareholding
Elivia has annual sales of €930 million and produces 162,000t of meat each year.
The company, which is the second-largest beef processor in France, employs almost 2,600 people.
Commenting on the announcement, Niall Browne, chief executive of Dawn Meats said:
“We found that our vision for the French market and our ambition for the future strategic direction of Elivia is not aligned with that of our partner Terrena, and we have therefore decided to dispose of our shareholding in Elivia.
“We wish the company and its employees all the best in their future endeavours.
“The French market is strategically important for beef and lamb, and we will continue to engage and develop new opportunities in the market,” he said.
Alain Le Floch, chief executive of Terrena added: “Elivia is a strategically important company within our cooperative and we are delighted to become again the sole shareholder of Elivia.
“The company has significantly improved its performance in recent years. Being a 100% farmer-owned company, Elivia has strong roots and fundamentals for providing high quality and innovative services and products to its customers, the basis for future commercial success.
“We wish Dawn Meats well into the future and thank them for their support of and contribution to Elivia over the years,” he added.
Dawn Meats was established in Co. Waterford, Ireland in 1980, and has grown to a business with over €2.5 billion in annual revenue, employing over 8,000 staff in twelve countries.
Trading as Dunbia in the UK and Dawn Meats in Ireland, the combined businesses process approximately 1 million cattle and 3.5 million sheep annually.