Glanbia Buys Pizzeys Milling

KILKENNY, IrelandGlanbia Plc, a dairy and food ingredients supplier, acquired Canadian nutritional ingredients supplier Pizzeys Milling for an undisclosed sum. Pizzeys supplies the human food and nutrition markets, as well as the companion animal nutrition industries, with specialty flaxseed ingredients, marketed for omega-3 fatty acids, lignan and fiber content; the company has posted gross assets of $9.47 million (USD). Founders Linda and Glenn Pizzey will remain with the business, which is headquartered in Angusville, Manitoba, with additional sales and distribution facilities in Gurnee, Ill.; St. Joseph, Mo.; Buffalo, N.Y.; Rancho Domingez, Calif.; and Etobicoke, Ontario.

The acquisition of Pizzeys is another step forward for Glanbia Nutritionals, and we welcome Linda and Glenn Pizzey and their team to Glanbia, said Jerry ODea, CEO and president, Glanbia Nutritionals Americas, who added this acquisition marks Glanbias entry into high growth omega-3 market. Pizzeys innovation in combining milled flax/fish oil is indeed a breakthrough, as omega-3s from fish oil can now easily be incorporated into a range of food applications.

Pizzey said her company had been approached by various potential partners, but Glanbia was the first one to fit Pizzey's focus on nutrition and goals for growth of the company and its flaxseed ingredients. "They have fairly extensive R&D and are very focused on promoting branded ingredients," she said, noting Pizzey's is focused on its branded flax-based ingredients and would like to take their health message through to the consumer. "We are working fairly energetically towards a consumer program, including manufacturers using our MeadowPure logo on their packages." She noted all will remain the same at Pizzey's, as Glanbia is not buying just the brand, but the whole company, including staff and facilities.

Based on the Pizzeys purchase, Glanbia increased its forecast for full-year earnings growth, following its report that earnings jumped 26 percent to 33.6 million euros ($46 million USD) for the first half of its fiscal 2007.