Northern Ireland company, Fane Valley, has purchased a 50% stake in Irish feed, grain and agronomy company, Drummonds.

A statement issued this evening confirmed that an agreement has been reached, subject to approval of the Competition and Consumer Protection Commission.

It said: "Freshgrass Holdings and Fane Valley Co-operative Society have reached an agreement to become 50:50 joint owners of Drummonds".

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, chair of Drummonds, Liam Woulfe, said:

"The primary driver to creating this joint venture 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.”

CEO, Fane Valley Co-operative Society,Trevor Lockhart, added:

"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.”