Dale Farm Seeks To Acquire Rivals LacPatrick
Belfast-based dairy processor Dale Farm has contacted LacPatrick to show interest in bidding for the business, according to the Irish Times.
It was decided at a recent board meeting that LacPatrick would open to the idea of a possible joint venture or merger with another industry player.
In a statement made last week, LacPatrick chairman Andrew McConkey said that the co-op would be interested in pursuing “a number of strategic options” in light of a number of approaches from other companies from the sector in recent months.
It is reported that Dale Farm contacted LacPatrick shortly after the company’s chairman, Andrew McConkey, released the statement.
Dale Farm chief executive Nick Whelan said that he had been made aware of the situation at LacPatrick and expressed an interest in the developments.
According to the Times, LacPatrick has been suffering financially, with banks debt rising to €30 million.
They also had to cut their milk prices in March due to the current fodder crisis.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O'Sullivan. Click subscribe to sign up for the Checkout print edition.