Reuters
Irish firm Glanbia is to divest its cheese joint venture for more than 160 million euros ($170 million) as it moves to focus on its core business of sports nutrition and ingredients after reporting record annual earnings growth. The move comes a year after activist investor Clearway called for a major restructuring including the disposal of the cheese joint venture and the spin-off of its performance nutrition unit. Shares in the company, which on Wednesday reported its highest annual earnings per share (EPS) growth at 17.6%, were up 3.4% at 0850 GMT.