England's Express Dairies has appointed two new non-executive directors to its board: Peter Cawdron, 55, a former executive director and board member of GrandMet and Allan Price, 64, a former employee of Unilever for 38 years and a chairman for Bird's Eye Wall's, according to a Financial Times report.
Between the lines, the Cawdron and Price appointments could be a move to bolster financial market confidence and help advance the acquisition of Ireland's leading dairy, Glanbia. The deal is subject to shareholder approval.
Glanbia, which was formed by the 1997 merger of Avonmore Foods and Waterford Foods, the situation is a no-win proposition. Due to milk production overcapacity and loss of business, the company had to sell five of its dairies, 58 delivery depots and 600 franchises to Express. Five plants are also expected to close. (See related article).