Fane Valley in joint venture with Drummonds
Freshgrass Holdings and Northern Ireland’s Fane Valley Co-operative Society announced that they have reached an agreement to become 50/50 joint owners of Drummonds, subject to the approval of The Competition and Consumer Protection Commission. Fane Valley owns White’s Oats of Armagh, the leading producer of porridge oats and other breakfast cereals.
Both parties have confirmed that the key objectives of the Joint Venture will be to continue to support the excellent business relationships formed over the years by Drummonds and to enhance the competitive advantages of the business through a series of new strategic initiatives.
Commenting on the development Liam Woulfe, chairman of Drummonds said, “This is a very exciting opportunity for our excellent staff, cereal growers, agri-customers and all other stakeholders. The primary driver to creating this JV is solely to utilise the strengths and business acumen of both partners to deliver an even more successful Drummonds’ proposition, especially given the increasing focus on the environment and sustainability.”
Trevor Lockhart, chief executive officer, Fane Valley Co-operative Society, added: “Everyone at Fane Valley is looking forward to working together with Liam, the Drummonds’ management team and staff to make Drummonds the very best business it can be, to the benefit of its farmer suppliers, customers, employees and shareholders. In my view, this is an exceptional business partnership and from our discussions and assessments there are great synergies in the vision, ambition and culture of both partners”.
Drummonds, headquartered at Clonee, county Meath is an Irish feed, grain and agronomy company. Based at Craigavon in county Armagh, Fane Valley is a leader in milling, farm supplies and food processing.
Pictured: Trevor Lockhart, chief executive officer, Fane Valley Co-operative Society