Fane Valley Group and ABP Food Group Welcome EU Commission Decision
7th October 2016
Fane Valley Group and ABP Food Group welcome the decision by the EU Commission to approve the Slaney Foods joint venture.
Trevor Lockhart, CEO Fane Valley Group stated: “This is a positive outcome for the respective businesses and a step in the right direction for the red meat industry in Ireland. It is imperative for the long term sustainability of the sector that we develop highly effective business models that maximise the opportunities to sell quality beef and lamb from Ireland in the international marketplace. That has been the combined goal of ABP and Fane Valley from the very outset.”
Commenting on the decision Frank Stephenson, CEO ABP Food Group said: “The joint venture will enable both ABP and Fane Valley, through the Slaney Foods JV, to grow our respective businesses by bringing a stronger product offering to international markets where we compete with much larger global players. Today’s decision, which follows a thorough evaluation by DG Competition at the EU Commission, will allow the parties to enhance an already highly competitive beef processing sector in Ireland and to grow their main export markets through the JV. This transaction has always been about securing better international markets for meat products and developing an industry that needs to evolve to remain relevant and compete effectively on the global stage.”
Slaney Foods and ABP support thousands of jobs nationally contributing over €1 billion to the rural economy annually. In the past three years alone, they have invested over €100 million across Ireland creating over 300 jobs. The parties look forward to completing the transaction and engaging in the necessary dialogue about the future of the beef and sheep industry in Ireland, accessing new markets internationally and ensuring a sustainable sector for all stakeholders.