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PRIVACY
Enterprise

Fane Valley sells share in ABP red meat business, including Linden Foods

The two companies had operated a joint venture for five years in the business which also included Irish Country Meats and Slaney Foods

Fane Valley has sold its share in Linden Foods to ABP

Fane Valley Group, one of Northern Ireland’s biggest farmer-owned cooperatives, has sold its 50% share in three red meat processing plants, including Linden Foods.

Buyer ABP Meats has now taken control of the Dungannon business as well as Irish Country Meats, which has plants in Wexford, Meath and Belgium, and Slaney Foods, also based in Wexford.

The move brings to an end a five-year joint venture between the two companies and makes ABP, which is owned by Larry Goodman, one of the biggest red meat processors in Northern Ireland alongside its plants in Dungannon, Lurgan and Newry.

The three businesses will continue to operate as normal under their trading names, ABP said.

Trevor Lockhart, Chief Executive of Fane Valley, said the decision to sell the stake made strategic sense.

“The trading environment however does not stand still, and all businesses need to continue to evolve and develop to maintain their competitive position in the market, he said in a statement. “Having reviewed the way forward with our joint venture partner and taking account of anticipated market developments, we have jointly concluded that the future objectives for Linden, Slaney and ICM can be best achieved under a new business structure, hence the aforementioned announcement.

He added that the deal is pending regulatory approval.

Alongside its animal feed production facilities, agricultural supply stores and agronomy and forage services, Fane Valley also owns Whites Oats and bought Silver Hill Ducks, the Monaghan business which produces and supplies 98% of the European market for so-called “head-on” ducks.