Glanbia sells the Portlaoise Cheese Plant in a €160 million transaction.
Glanbia Cheese, a major producer of mozzarella in Europe that consists of Glanbia Cheese UK and Glanbia Cheese EU, have signed a non-binding agreement for Leprino Foods to acquire complete ownership of Glanbia Cheese.
The Portlaoise facility, which employs about 100 people and began operations in April 2021, was built in collaboration with Leprino and Glanbia. It produces pizza mozzarella cheese for the European market. Leprino Foods, an American corporation with its global offices in Denver, Colorado, employs over 4,000 people worldwide and is the largest producer of mozzarella in the world.
45,000 tons of mozzarella cheese can be produced annually at the facility in the National Enterprise Park in Portlaoise, which is situated in Togher at the M7 junction.
For the sale of its stake in Glanbia Cheese, it is anticipated that Glanbia plc will receive an initial cash consideration of more than €160 million (including the repayment of shareholder loans), with the possibility of an additional contingent consideration of up to €25 million over the following three years, contingent on business performance.
Subject to the completion of due diligence and execution of definitive agreements, it is anticipated that the potential transaction will complete in the first half of 2023.