Food group Glanbia has agreed to sell its pigmeat business Glanbia Meats Ireland to a management team.
The company had announced earlier this year that it was in talks with the team, led by chief executive Jim Hanley.
The company said the deal amounts to €35m, including insurance proceeds for the destroyed factory.
Last year a fire destroyed a significant part of the company's facility in Edenderry, Co Offaly. Glanbia will take an exceptional loss of €20.5m linked to the sale in its 2007 financial results.
Glanbia said the move was in line with its aim of focusing investment on growth areas such as cheese, food ingredients, nutrition and selected consumer foods. Glanbia Meats employs 850 people at four facilities and at pig farms in Ireland.
