Irish food group, Glanbia, is engaged in advanced negotiations regarding a new $140 million project to be undertaken with its U.S. joint venture partner, South West Cheese, to expand production.

 

The two-year project is engineered to lift capacity at the group’s whey and cheese production plant in New Mexico by 25%.

 

Whey plays a key role in Glanbia’s rapidly expanding sport nutrition business, and Glanbia is currently considered the global leader in the market. Driven by positive financial results from its sports nutrition division, Glanbia reported in a recent trading update that revenue was up by 9% over the first nine months of the year.

 

In addition, if currently exchange rates remain stable for the balance of the year, the company’s full-year guidance of adjusted earnings per share will fall at between 9% and 11% according to Siobhan Talbot, Managing Director at Glanbia.