Following a series of departures from the Euronext in Dublin, Glanbia CEO Siobhán Talbot has expressed that the company has no plans to seek a US listing for its shares or reduce its presence in the Irish market. Talbot’s comments come as CRH, one of the world’s largest building material groups, is set to delist from the Dublin Stock Exchange and move its primary listing to the New York Stock Exchange next month.
Over the past decade, several other companies, such as Applegreen, Greencore, Aryzta, and C&C, have either gone private or delisted from the Dublin Stock Exchange. Meanwhile, Paddy Power owner Flutter is considering its future listing in Dublin as it prepares for a US listing in the coming months. Glanbia, with a market capitalization of nearly €4 billion, has reaffirmed its commitment to the Irish market, which includes thousands of small shareholders, particularly farmers with historical ties to Glanbia Co-Op.
When asked about a potential US listing, Talbot stated, “We have no plans to list in the US. We moved to dollar reporting because it simplifies the reporting. Honestly, for us, it is really about maximizing our earnings and strategic journey.” She emphasized that Glanbia’s focus is on maximizing earnings rather than share price, stating, “You’ll always have market dynamics at different points in time. At this point in time, no, we’re not looking at a US listing.”
Glanbia’s Glanbia Performance Nutrition (GPN) division saw strong results in the first half, with its Optimum Nutrition brand accounting for 60% of the division’s $889 million in revenue. North America also contributed significantly, representing 66% of GPN’s revenue during the period.
Flutter CEO Peter Jackson stated that a New York listing would enhance the gambling company’s exposure to potential US investors, given the increasing presence and revenue surge in the United States. Jackson highlighted the preference of US investors for companies reporting under US GAAP and being listed on domestic exchanges. However, Talbot emphasized that US investors can still invest in Glanbia through Dublin or London, stating, “At the end of the day, a lot of US institutions can access your stock through London or the Euronext. Yes, we have a very fine business in North America, but our business is growing internationally as well. Strategy isn’t just about one particular lens.”
In addition to discussing the company’s stance on a US listing, Talbot announced her retirement at the end of this year. She will be succeeded by Glanbia veteran Hugh McGuire.
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