Dairy Crest to sell shares in Wexford Creamery

Dairy Crest has announced that it is in advanced discussions with Wexford Milk Producers (WMP) to sell 50% of its shares in Wexford Creamery Limited.

If successful, this will result in WMP becoming the majority shareholder in the Creamery.
The transaction would reduce the UK company’s shareholding in the Creamery from 80% to 30% and increase WMP’s shareholding from 20% to 70%.
Any transaction will be conditional on the approval of WMP’s members and is expected to go through by the end of March.
The company’s proposed sale of part of its shareholding in the Creamery to WMP allows Dairy Crest to concentrate on its key brands and facilitates the recent trend for dairy farmers to own more of the milk processing supply chain.
The cash proceeds from the proposed sale of around