US CHEESE BIG CHUNK OF GLANBIA - Results from food group Glanbia show profit before tax was up 8% at €74.4m. Sales in 2006 rose by 1% to €1.8 billion and operating profit is up 6%.
Managing director John Moloney said it was a good year for the company, with the company commissioning one of the world's largest cheese and whey facilities in New Mexico and the acquisition of the Sitzer ingredients company in California. He said sales were up 8% when revenue from joint ventures was included.
Mr Moloney said the consumer foods market in Ireland was very competitive, but it had invested heavily in marketing and products in growing areas. The company closed its pigmeat cannery operation in Rooskey during the year.
Glanbia is the biggest producer of cheddar-type cheeses in the US, while its ingredients extracted from this production are sold to some of the bigger food and drink companies in the US.
Mr Moloney said cost inflation had been 'relentless' in the past few years, and the costs of doing business in other countries were lower. He said the increase in non-pay costs in particular needed to be addressed.
