Stonyfield buys into Irish company

Dairy Foods, August, 2006

Londonderry, NH -- More details have emerged about Stonyfield Farm's new overseas efforts, which Dairy Foods Newsline reported on in June. Stonyfield Europe is the name of a new organic dairy firm co-owned by U.S. based Stonyfield Farm, Inc. and Paris-based Groupe Danone. The new venture was introduced simultaneous to its acquisition of more than one-third of Irish organic dairy leader Glenisk.

Stonyfield Europe is headed by Stonyfield Farm CEO Gary Hirshberg and will operate as an independent entity within Groupe Danone's Fresh Dairy Products business line.

"I am particularly proud that our first initiative in Europe has been an investment in Glenisk, a wonderful family-owned and -operated company recognized as a pacesetter for organic dairy not just in Ireland, but in Europe as well," says Hirshberg, who serves as chairman and managing dir. of Stonyfield Europe. "Our aim is to help Glenisk and the Cleary family to increase their production capacity and their marketing and consumer education activities."

It is also Stonyfield Europe's first step toward leveraging 23-years U.S. experience to help catalyze the development and expansion of similar grassroots organic enterprises globally. Glenisk reported sales growth of over 10% in 2005. The Cleary family, which will hold the remaining 63% of stock, will continue to manage the business.