Arla Foods amba has agreed to sell its Crediton Dairy milk drinks business to a management buy-out team led by former Milk Link chief executive Neil Kennedy and former Milk Link group finance director Tim Smiddy.
The sale of Crediton, for an undisclosed sum, was a condition required by the European Commission in giving approval for the merger in October 2012 of Milk Link, the British dairy cooperative and Crediton’s former owner, with Arla Foods amba.
The sale, which is conditional on the undertaking of consultation with employees (which has now commenced) and final European Commission approval, is expected to be completed by the end of June 2013.
