Joint Venture

Glanbia PLC
11 August 2000


Glanbia and Leprino join forces in European pizza cheese market

Glanbia plc announces that it has entered into a strategic joint venture with
Leprino Foods Company (USA) to strongly grow market leadership and penetration
in the rapidly growing European pizza cheese market. Leprino is the world's
largest producer of mozzarella cheese, utilising leading-edge technologies. It
has a pre-eminent position among leading pizza chains, independent pizza
restaurants and food processors in the United States. Glanbia plc is the
leading producer and marketer of pizza cheese in Europe through its Glanbia
Cheese Limited (UK) business unit.

As part of the Joint Venture, Leprino has taken a 49% interest in Glanbia
Cheese Limited, and has licensed exclusive use of Leprino's patented and
proprietary mozzarella production technology in Europe to Glanbia Cheese. The
business will be jointly controlled by Glanbia and Leprino and will operate
the two pizza cheese facilities in Llangeffni (Wales) and Magheralin (Northern
Ireland). Mr Paul Vernon will continue in his role as Chief Executive of the
business. 

The consideration paid for the 49% interest is Stg£21.15 million (IR£27.50m /
Eur34.92m)* in cash.  A net profit on the transaction after the write back of
related goodwill previously written off to reserves, and costs, is expected to
be IR£15.0 million / Eur19.05 million and will be treated as an exceptional
item in the Group's 2000 profit and loss account. The proceeds will be used by
Glanbia plc for further investment in Glanbia Cheese Limited and to reduce
borrowings.

Glanbia Cheese Limited had a turnover in 1999 of Stg£76.25 million (IR£90.16m
/ Eur114.48m)** and a profit before tax of Stg£4.07 million (IR£4.81m /
Eur6.11m)**. The total net assets of the business, at 30 June 2000, are
Stg£13.96 million (IR£17.40m / Eur22.09m)***.

Glanbia and Leprino believe that significant benefits will result from the
Joint Venture. European demand for pizza cheese continues to grow at more than
8% per year and Glanbia has successfully achieved market leadership. 
Combining Glanbia's market expertise with Leprino's advanced technology will
offer European customers exciting additional opportunities and innovations,
accelerating growth in market share.

Commenting on the announcement, Mr Ned Sullivan, Group Managing Director of
Glanbia plc said, 'The agreement reached with Leprino is an important
additional step in the implementation of our corporate strategy to focus
future development in the international cheese and nutrition sectors.
Obtaining access to Leprino's proprietary technology in Europe opens major new
opportunities and the longer term benefits of entering this Joint Venture
significantly outweigh a go-it-alone approach in terms of customer offering,
technology, market share, profitability and resources for future development.
Leprino have global leadership in pizza cheese production and technology and
we look forward to working closely with them in the future.'

Mr James Leprino, Chairman of the Board of the Leprino Foods Company added,
'We are delighted to forge this alliance with Glanbia who are the most
successful pizza cheese company in Europe, mirroring our own position in the
USA. Taking a position in the European market has been a logical next step for
Leprino for some time and this Joint Venture with the market leader will, I
believe, offer significant mutual benefits.'


*       Based on Exchange Rate of 10/08/2000 - Eur1.00 = Stg£0.6057
**      Based on Average Exchange Rate for 1999 - Eur 1.00 = Stg£0.6660
***     Based on Exchange Rate of 30/06/2000 - Eur 1.00 = Stg£0.6318

For further information contact:
Glanbia plc:       Michael Patten, Director of Communications 
(Int'l + 353 - (0)56-72200 / (0)87-2414502 or [e-mail])

Leprino :       Bob Boynton (Int'l + 1 - 303-480-2680 or
[e-mail])