EBITA, revenue rises for Glanbia after U.S. acquisitions

by Jeff Gelski
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KILKENNY, IRELAND – U.S. expansion, including the acquisitions of Aseptic Solutions in Corona, Calif., and a milk plant in Idaho, boosted Kilkenny-based Glanbia P.L.C. in the first half of the year.

EBITA of €103.6 million ($138.7 million) marked a 6% increase from €97.8 million in the first half of the previous year, the company said on Aug. 21. First-half revenue rose 14% to €1,246.8 million ($1,669 million) from €1,098 million.

Within Glanbia’s Global Ingredients business in the first half, EBITA was €57.5 million, up 8% from €53.4 million, and revenue was €539.2 million, up 17% from €461.8 million. The company attributed the revenue growth to underlying organic volume growth of 7%, higher pricing and an enhanced product mix of 6% and the impact of the Aseptic Solutions acquisition of 4%. Glanbia acquired Aseptic Solutions, which manufactures and co-packs nutritional and dietary beverages, for $50 million in July 2012.

The acquisition of a plant in Blackfoot, Idaho, in March of this year increased milk supply in the first half. Glanbia also invested $11 million in a cheese innovation center in Twin Falls, Idaho, that opened earlier this month.

Within Glanbia’s Global Performance Nutrition business in the first half, EBITA increased 20% to €34 million from €28.4 million and revenue increased 14% to €324.4 million from €285.3 million. Consumer demand in the United States, the most developed sports nutrition market, continued to grow. The company plans to complete a $45 million capacity expansion in Chicago in 2014.

Within Dairy Ireland in the first half, EBITA fell 24% to €12.1 million from €16 million and revenue rose 9% to €383.2 million from €350.9 million.

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