Glanbia Co-op has completed a placing of a 3% stake in Glanbia PLC.
The sale of 8.8 million Glanbia shares at a price of €7.60 generated €67m for the co-op.
The placing follows the formation of a joint venture by members of the society with Glanbia PLC. The joint venture, called Glanbia Ingredients Ireland, is majority-owned by the co-op and will focus on dairy processing.
The proceeds of the share placing will be invested in the new venture which has sought planning permission for a new dairy processing plant at a site in Belview, Co Kilkenny.
Glanbia PLC will retain a minority stake, 40%, in the dairy unit but will primarily focus on its nutritional products business which develops and sells food supplements derived from milk.
