Carton Brothers, the Meath-based poultry processing group, which owns Manor Farm Chickens, has agreed a settlement with disgruntled shareholder John Gilroy.
The settlement will see Carton Bros acquiring shares from Gharion, the investment company owned by Gilroy, for in the region of €6m.
Gilroy invested €4m for a 40% stake in Carton Bros back in 2004, with the intention of developing and then selling the entire business back in 2008/2009.
Last year, Gilroy took a court action against Carton Bros and the Carton family (Vincent, Justin and Elizabeth Carton), alleging that the affairs of the company were being conducted in an oppressive manner and that the company was being run as a family concern.
Carton Bros, which has an annual turnover of close to €200m, employs over 600 staff. It retains control over all stages of the production process, having its own dedicated feed mill producing poultry feed only.
John Gilroy is a director of College Proteins, a Meath-based rendering company involved in sludge de-watering, a variety of waste collection services (skip, tanker, meat factories etc) and renewable fuel production, as well as tallow, meat and bone meal.
A joint statement issued to the Irish Farmers Journal this week stated: "Carton Group and College Proteins have successfully concluded an agreement to redeem the investment of College Proteins in the Carton group.
College Proteins continue to offer rendering services for Cartons at its state-of-the-art rendering facilities."
Source: Argentine Beef Packers S.A.
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