Glanbia Proposes Sale of Dairy Ireland as Earnings Per Share Increases 11.2 Percent
Nutrition company Glanbia announced the proposed sale of 60% of Dairy Ireland on Wednesday as results for the year 2016 were released, showing an increase in adjusted Earnings Per Share to 87.66 cent, up 11.2% from 2015. This marks the seventh year in a row of double-digit earnings for the group.
“ It has been an exciting start to 2017 with a number of key strategic initiatives progressing which will shape the future direction of the Group,” Group Managing Director Siobhán Talbot said. “Today Glanbia is announcing that it has signed a non-binding memorandum of understanding for the sale of 60% of the Dairy Ireland segment to Glanbia Co-operative Society Limited. Also, as recently announced Glanbia Performance Nutrition has made two acquisitions within the plant based nutrition category and direct to consumer channel further expanding our channel and consumer reach. In addition Glanbia is also in advanced discussions to form a new Joint Venture (JV) in the US to build a large scale cheese and whey facility. All of these initiatives demonstrate a desire to play to our strategic strengths and are aligned to our vision to be one of the world’s top performing nutrition companies.”
The group also announced that earnings before interest, taxes, and amortization (EBITA) from wholly owned business were recorded at €305.1 million, up 12.5% on 2015, adjusted for constant currency.
Glanbia Performance Nutrition EBITA was recorded as €162.6 million, a 20% increase on 2015, constant currency, while Glanbia Nutritionals EBITA came in at €111.8 million, a constant currency increase of 4.5%.
The company’s announcement can be read here.