LONDON, UK: Glanbia plc, also known as the better nutrition company, has completed the sale of its shareholdings in Glanbia Cheese to Leprino Foods Company.
Glanbia Cheese, which consists of Glanbia Cheese EU Limited and Glanbia Cheese Limited, is a leading mozzarella maker in Europe. The transaction proceeds of €178.9 million have been received in cash, with an additional contingent consideration of up to €25.0 million based on Glanbia Cheese’s performance over the next three years. The sale will be subject to customary post-completion adjustments.
Following the transition period, the business will be renamed Leprino Foods UK Limited and Leprino Foods EU Limited. In the 2022 financial year, Glanbia Cheese contributed a profit before tax of €9.5 million for the Group.
The proceeds of the sale will be used for general corporate purposes, and Glanbia plc will continue to focus on its better nutrition strategy serving consumer health and wellness categories through its consumer brands and ingredient solutions business.