Shareholders in food group Greencore have backed the sale of its malt business for €116m.
Last month, Greencore said it was selling Greencore Malt to AxéréalUnion De Coopératives Agricoles. The proceeds from the deal are to be used to reduce its borrowings. At an EGM in Dublin today, more than 99% of the votes cast were in favour.
Earlier, about 100 malting barley growers demonstrated outside the Westbury Hotel, where the EGM was held. The malt division is based in Athy, Co Kildare.
The Irish Farmers' Association said 500 of the 1,000 growers had had their contracts terminated by Greencore in advance of the sell-off. Farmers said they had been treated shamefully and they called for compensation or to be allowed to continue growing malting barley.
But Greencore chairman Ned Sullivan said farmers had not been treated disrespectfully. Mr Sullivan said sales of beer had declined. Greencore was now focusing on convenience food and the malting sale was in the interests of the company.
