Glanbia Cheese to be sold for €160m to US mozzarella giant
Europe’s largest mozzarella manufacturer, Glanbia Cheese, is to be bought outright by Leprino Foods later this year.
Glanbia Cheese is currently part of a joint venture between Glanbia plc and Leprino Foods.
US-based Leprino Foods is expected to purchase Glanbia’s stake in the company for €160m as a cash consideration, with a further €25m potentially available during the next three years as a consideration based off performance.
See also: Large milk price cuts intensify pressure on dairy farmers
Glanbia Cheese operates three manufacturing sites, located in north Wales, Ireland, and Northern Ireland, and exports products to more than 30 countries globally.
The transaction is due to take place during the first half of 2023, subject to definitive agreements being reached and due diligence being completed.
Paul Vernon, chief executive at Glanbia Cheese, said: “We are excited by this proposed transaction, which will see us align our business into Leprino Foods, the largest and most successful mozzarella business in the world.
“Glanbia Cheese will be a strong fit within Leprino Foods, with its strategic focus on our category.
“We look forward to working with Leprino Foods to build on our success as a trusted supplier and business partner to our customers in the pizza category across the UK and Europe.”
..