ABP Foods to acquire 50% stake in Slaney Foods
ABP Foods to acquire 50% stake in Slaney Foods
ABP Foods is to acquire a 50 per cent stake in Slaney Foods subject to competition clearance. If completed it will give the company control of over a quarter of the beef processing industry in Ireland.
Slaney Foods, the parent company of Slaney Meats and Irish Country Meats, is currently owned by the Allen Family and Linden Foods in Northern Ireland. The acquisition will see ABP create a new partnership with Linden by taking over the Allen family’s 50 per cent stake.
The deal is said to be for an undisclosed sum and is subject to competition clearance. It will also provide ABP a move back into sheepmeat processing via Irish Country Meats.
ABP chief executive Paul Finnerty told the Irish Times: “At ABP we have a very successful track record with joint venture projects over many years and we have high hopes for this new partnership with Slaney Foods.
“The respective companies share the same ambition to grow and develop in what continues to be a very competitive market environment. This is a partnership that will benefit both parties and improve the range of products we offer in existing and new export markets.”
Trevor Lockhart, chairman of Linden Foods, added: “The existing operational and management structure of the business will remain in place but now complimented with a shareholder with considerable market reach and processing expertise”.
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