Approval of ABP Food Group and Fane Valley Group joint venture by EU Commission

ABP Food Group and Fane Valley Group have expressed their satisfaction with the EU Commission's approval of their Slaney Foods joint venture. Frank Stephenson, CEO of ABP Food Group, remarked: “This partnership will empower both ABP and Fane Valley to expand our businesses through the Slaney Foods joint venture, enhancing our product offerings in global markets where we face competition from larger international entities. The approval by the EU Commission, after a comprehensive review by the DG for Competition, enables us to strengthen the already competitive beef processing industry in Ireland and expand our primary export markets via the joint venture. This deal is fundamentally about improving access to international markets for our meat products and advancing an industry that must adapt to stay competitive globally.” Trevor Lockhart, CEO of Fane Valley Group, commented: “This decision marks a positive development for our businesses and signifies progress for the red meat sector in Ireland. For the sector's long-term viability, it's crucial to develop efficient business models that leverage the potential to market high-quality Irish beef and lamb globally. Achieving this goal has been a primary focus for both ABP and Fane Valley from the start.” ABP and Slaney Foods play a significant role in the national economy, supporting thousands of jobs and contributing more than €1 billion annually to the rural economy. Over the past three years, they have invested more than €100 million in Ireland, creating over 300 jobs. The companies are looking forward to finalizing the deal and starting discussions on the future of the beef and sheep industry in Ireland, exploring new international markets, and ensuring the industry's sustainability for all involved parties.