February 16, 2011
By Staff Reporter
The deal, with Conaprole of Uruguay, will allow for a technology transfer between the two companies.
The news sent Glanbia’s shares only 2 cents higher where they closed on the Dublin market at euro 1.39, well below their 12-month high of euro 1.79.
Under the arrangement, a new sales company, Conabia, is being established in Mexico that will develop commercial opportunities for a full range of dairy ingredients manufactured by Conaprole in Uruguay and by Glanbia in the U.S. and in EU countries.
Conabia will initially serve markets in Mexico, the Caribbean and Central and South America. In addition, Glanbia receives exclusive rights to promote Conaprole whole milk powders in Africa.
The agreement also allows for joint venture manufacturing operation where appropriate opportunities arise. Glanbia chief John Moloney said the agreement is “highly beneficial to both parties” and said Conaprole is an excellent partner for Glanbia.