Joint Venture Agreement with Fyffes plc

Glanbia PLC
Fyffes PLC
30 March 2000


Joint statement issued by Fyffes plc and Glanbia plc
New Internet trading portal for foods ingredients

Fyffes plc and Glanbia plc are pleased to announce that they have concluded an
agreement to develop a joint venture internet-based trading portal,
ingredientsnet.com, to service the global food ingredients sector.  The
agreement follows several months of research and business planning by both
parties.

The joint-venture company is owned equally by Fyffes and Glanbia who have
jointly committed capital of US$5million to fund the start-up phase of the
company.  Mr. Tom Galvin (aged 33), formerly head of UK sales for Glanbia
Ingredients, has been appointed General Manager of the company.  It is planned
that the site will be operational by mid-year.

The new portal will service food and beverage manufacturers and their
suppliers through an internet-based business-to-business exchange, as well as
providing related services.  The portal will focus on dairy ingredients,
flour, sugar and edible oils and fats.  The global market for these
ingredients is estimated to be worth US$200 billion annually.

Commenting on the announcement, Mr. Ned Sullivan, Group Managing Director of
Glanbia, said: 'This new trading portal has the potential to significantly
reduce transaction costs in the fragmented ingredients sector.  It presents a
unique opportunity for all participants in the sector, as well as the project
partners.  This joint venture opens an important new route to market for the
ingredients and nutrition business, allowing us to participate at the cutting
edge of a rapidly growing new business-to-business marketplace.'

Mr. David McCann, Chief Executive of Fyffes, added: 'This development is an
important part of our strategy, which we have recently announced, to extend
our e-commerce experience and expertise into new areas.  Glanbia is an ideal
partner as they hold a very strong international position in the food
ingredients sector and bring extensive market knowledge of that sector.'

Enquiries to:

Fyffes plc:  Mary Finan ([phone]) / Patrick Toyne Sewell 
([phone])
Glanbia plc:  Michael Patten ([phone]) / Jim Milton ([phone])