Golden Vale close to deal

Golden Vale is believed to be close to a deal to acquire Rye Valley Foods, the Monaghan producer of prepared foods.

The acquisition, which would be Golden Vale's first move outside its dairy-based business, is expected to cost between £20 and £30 million once capital expenditure is taken into account.

"It would be a good strategic fit. Rye needs a big brother like Golden Vale to expand while Golden Vale is keen to expand its consumer foods business," one analyst noted.

Analysts said Rye had grown beyond its capital base and needed capital expenditure of some £15 million to expand its plant.