One of the country's biggest food manufacturers, Glanbia, is in talks to sell its Irish operations to its farmer suppliers.
Glanbia, which has major interests outside the country, says the move would give farmers greater control of the business here and would allow the company to focus on its international foods.
The Glanbia Company generates revenue of about €2bn a year and is now the biggest cheesemaker in the US.
Glanbia was formed 13 years ago from two co-ops, Avonmore and Waterford, who had both gone in th e19080s to the Stock Exchange to get additional investors.
The original co-operative always remained in place, retaining a 55% share in Glanbia.
However, farmers have frequently complained about the prices Glanbia paid them. Before Christmas, the co-op asked that they be allowed to buy back the Irish business. The company now sees advantages in the idea.
Glanbia managing director John Moloney believes the time is right to established two Irish-controlled entities, each looking after specific assets.
The company will continue to develop in the US, Europe and China. The co-op hopes that it will be able to regain control in Ireland by selling some of its 55% share in the company. Given its rows with Glanbia in the past, the IFA is keen on the idea.
Chairman of the IFA dairy committee Kevin Kiersey said he welcomes the prospect of outright farmers' ownership of Ireland's largest milk pool as well as much greater direct farmer control of the Irish dairy industry.
Months of tough detailed negotiations lie ahead, but a deal is expected before the end of June.
