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Glanbia may sell UK pork business.
(From Irish Independent)
FOOD processing group Glanbia is in talks to sell its UK fresh pork business,theIrish Independent has learned. A reduced pig supply, a weaker tradingenvironment in the sector and a strong strategic focus have prompted the group to explore an exit from UK pig processing.
The business has a turnover of around [euro]150m to [euro]200m and makes annual profits of approximately [euro]2m to [euro]3m. It is understood that Glanbia is in talks with a large Britishcompany on a sale, which in the current climate might yield [euro]12m to [euro]15m. A spokeswoman for the group said they could not comment on speculation.
Last July, Glanbia closed its UK consumer meats business following a strategic reviewand sold its UK food service distribution operation. In its 2002 annual report, Glanbia group managing director John Moloney said its UK fresh pork operations "had a satisfactory operating performance in a difficult period for the UK pigmeat ...
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