Joint Ventures & Associates

Overview

In 2008, Joint Ventures & Associates performed strongly, in particular Southwest Cheese in the USA, which is a world-class cheese and whey-based nutritional ingredients manufacturer. Overall, Glanbia's share of profit after tax and interest pre exceptional increased by €6.3 million to €7.3 million for the year.

In 2008 there was a significant improvement in the performance of the Group's Joint Ventures & Associates, most notably Southwest Cheese which had an excellent year. Glanbia Cheese in the UK achieved margin growth despite a challenging market in 2008. However, Nutricima in Nigeria had a difficult year as it was not possible to pass on the full extent of the significant increases in raw material commodity prices. As a result, Nutricima's profits and margins were behind 2007.

Performance summary

Market positions