Glanbia: Up to 60 jobs 'to be impacted' in restructuring move
Glanbia has confirmed that up to 60 jobs could "be impacted" this year in Ireland as a result of a "digital transformation program".
In a statement today (Wednesday, January 22) the group - which has three key divisions; Glanbia Performance Nutrition, Glanbia Nutritionals and a joint venture partnership with Southwest Cheese and MWC in the USA - said redundancies will likely be across finance, HR and IT.
It also outlined that "Glanbia has undergone significant change over the past number of years including the reshaping of our global footprint".
"To ensure that we are prepared for our next stage of growth and to enhance how we serve the needs of our business globally, the company is making some changes to its services functions, through a digital transformation program".
The group, which is listed on both the London and Irish stock exchanges, plans to establish a new "enterprise solutions function" - Glanbia Enterprise Solutions (GES), which it said will "centralise and optimise the delivery of finance, HR and IT services to the business".
It stated: "As a result of this, some changes will take place within the business.
"Regrettably the proposed changes will result in the reduction in a number of roles across finance, HR and IT."
According to the group, it cannot indicate exactly how many staff may be impacted at this time but it is likely to be in the region of 60 jobs in Ireland and they "will be impacted on a phased basis in 2025".
"We will work closely with employees and their representative groups to support everyone over the coming period, providing severance packages and outplacement services," Glanbia stated.
Previously, Hugh McGuire, Glanbia's chief executive officer, had highlighted in the last interim management statement for the nine month period ended October 5, 2024, that the group planned to separate its Glanbia Nutritionals (GN) business into two new segments – Health and Nutrition and Dairy Nutrition.
"The new structure is designed to further streamline our business, sharpen our focus on our end use markets, and position ourselves for the next phase of growth.
"As part of this change in our operating model, we are commencing a group-wide transformation programme which will allow us to fund and drive growth in our business, supporting our ambition to maximise long-term value for shareholders," McGuire outlined.
Separately, last year Tirlán Co-op shareholders had voted in favour of a proposal to change the rules of the society to give "more flexibility to manage its financial investments on behalf of members".
On the day of the vote - October 4, 2024 - Tirlán had held a 28.9% shareholding in Glanbia plc, which was valued at that time at more than €1.1 billion.
As a result of the vote, Tirlán Co-op will transfer, via a share spin-out, 15 million Glanbia plc shares to all existing members of the society.
Based on Glanbia plc’s closing share price of €14.86 on October 4, 2024, this was valued at approximately €222 million to members.
According to Tirlán the spin-out is to "take place as early as possible in 2025".
