Glanbia

Just the yield is always too low.

Glanbia I own and Greencoat UK I own, but renewables is the exact same strategy, just based in Europe rather than UK.

How do you look at companies like Medtronic?

I look at that as American.

farmers need that money.

Yeah, I gave five years in my first life with Glanbia, headed off for two years with Gerta to Papua New Guinea, which was an unusual experience.

And then ended up for 30 plus years, 32 or 33 years with Volek in Cambridge, who are basically a whey company, a whey nutrition company.

And that's where I worked in animal nutrition then for 30, 35 years.

Tierlawn is trading as a co-op.

It started trading as the name Tierlawn in late 2022 when its owners voted to diverge from its Glanbia heritage and the milk processing business came back to the full ownership of the milk suppliers.

It predominantly collects milk in the east of Ireland and over the last 10 years its milk pool has increased significantly as existing milk suppliers increased cow numbers as EU milk quota restrictions were lifted.

This in turn initiated years of investment in milk processing.

Moved away and then working for an international company.

So we were born out of Glanbia, who everybody would be familiar with, but mostly what people are familiar with is Avonmore Milk.

Mm-hmm.

Most people in the country have that on their breakfast cereal, in their coffee every day, and we're really proud to be a sponsor of it.

But the reason why you reduce... capital gains tax is trying to incentivise serial entrepreneurship and investment because when people invest in companies or invest in start-ups they need to see an exit strategy on the horizon too and that makes it more competitive to get that capital and that's why the scaling fund will be so important and it was announced through ISAF and Enterprise Ireland working with ensuring we keep trying to hold on to as many start-ups which are Series A plus companies in the economy, which would be critical because we've lost so many to US and other markets.

We want to continue to have who's going to be the next generation, be it Stripe or Glanbia or Curry Group.

Who is going to step into that field over the coming years? Okay, but one last

thing in relation to the personal taxes that people pay on their income.

But on Thursday, the Bank of America, in a note to analysts, warned that the global trend for what they call protein maxing could reverse in the near future.

Within hours of that announcement, Glanbia's shares fell by 12%.

Glanbia is one of the world's largest suppliers of protein products, an Irish company that tapped into this trend some years ago.

So we decided to do a bit of a deep dive on all things protein today.

I'm delighted to be joined by our own Adam Maguire from the business desk.

So huge, huge money in this.

And as you say, Ireland and Irish companies really at the center of that.

Glanbia, for example, uh, last year it had revenues of, of just shy of $4 billion, and about half of that was coming from w- its performance nutrition division, w- which is basically protein, brands like Optimum Nutrition, uh, which, which are huge globally as well.

[laughs]

For those who don't know him, Maurice has had senior positions with, um, a whole range of, uh, companies whose names, uh, most of our listeners will recognize straight away, like Unilever, Glanbia, Avonmore, Vodafone, Zurich.

Um, the list goes on, Maurice.

Uh, but tell us, what are you doing at the moment?