Irelands Glanbia exits dairy processing to focus on nutrition – Reuters

DUBLIN, Nov 10 (Reuters) – Glanbia said on Wednesday it had consented to offer its 40% share in Irelands biggest dairy processor for 307 million euros to focus on making dietary active ingredients for food manufacturers and protein supplements for body builders.Shares in Glanbia were up 2.3% at 14.3 euros at 0810 GMT after it stated it was selling its stake in Glanbia Ireland to Glanbia Co-op, the majority shareholder and will consume to 50% of the earnings for a share buyback next year.It stated the remainder would fund acquisitions.Glanbia is looking at chances to include to its nutrition services portfolio, Finance Director Mark Garvey told Reuters, after it likewise announced the $52 million purchase of U.S. health treat components service PacMoore Process Technologies.The business said that it anticipated to strike the upper end of its 17-22% incomes per share forecast growth range for 2021, after a strong 3rd quarter when it pressed through some rate increases.It stated it plans additional increases in early 2022 in response to the continued inflationary environment. Garvey said the rate increases would remain in the mid single digit-plus range after it upped costs by 4.4% in its Glanbia Performance Nutrition.He included that he anticipated a spike in the cost of dairy raw materials such as whey to continue into the very first half of next year prior to starting to moderate, however that increases in other areas such a labour would continue, especially in the U.S. (Reporting by Padraic Halpin; Editing by Alexander Smith).

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