ABP buys remaining 50% stake in Linden Foods
Company already owned 50% shareholding in partnership with Fane Valley Foods
ABP said the businesses will continue to operate under their respective trading names for the foreseeable future. Photograph: Bloomberg
No financial details surrounding the transaction have been publicly disclosed.
The Larry-Goodman owned food processor acquired an initial 50 per cent stake in Linden Foods in 2017 through its joint venture with Fane Valley.
The original deal was referred to the European Commission over competition concerns and the new transaction is subject to approval by the relevant regulatory and competition authorities
The deal includes Linden in the North and Slaney Foods and Irish Country Meats businesses in the Republic. These businesses have all operated under the ABP/Fane Valley joint venture for the last five years.
ABP said the businesses will continue to operate under their respective trading names for the foreseeable future.
“This development is the direct result of our successful joint venture arrangement, which has enabled all parties to improve their offerings to customers and to compete more effectively nationally and internationally,” said ABP chief executive Frank Stephenson.
“The time is now right to build on this success ensuring that we continue to be a dynamic and innovative organisation as we face into the challenges of operating in a very competitive global marketplace; whilst also addressing the ongoing challenges of changing agricultural policies, Brexit and Covid-19,” he added.
Irish Farmers’ Association (IFA) president Tim Cullinan said the full takeover of Slaney and Irish Country Meats “further erodes competition in the processing sector”.
He said the move renews the urgency for the Minister for Agriculture Charlie McConalogue to implement the primary legislation to provide the office of the food regulator with the powers necessary to investigate and enforce “at all levels throughout the supply chain.”