This week Glanbia announced its financial results for the third quarter in which it said its growth are prospects for the rest of the year are in line with expectations.

The company also said that it would engage in some corporate reorganisation, which would see its dairy business become a distinct segment called Dairy Nutrition.

It will comprise of the portfolio of protein solutions – mostly whey – and Glanbia’s US cheese business, as well as being commercial partner for the company’s joint venture with MWC-Southwest Holdings.

In the wake of Tirlán’s recent establishment of a more than €600m investment fund there has been some speculation that it may seek to buy Glanbia’s US cheese business.

While today’s announcement by Glanbia would seem to make such a deal easier to achieve, spokespeople for both organisations poured cold water on the idea.

A spokesperson for Glanbia said: “We have no plans to sell our dairy business. The changes announced today are intended to put greater focus on our high margin growth priorities within GN – flavours and premix – which will comprise the new Health & Nutrition segment.”

Board members of Tirán had made a trip to the US in recent weeks, which a spokesperson said was to Dallas, Texas, to get a picture of how the company’s Truly Grass Fed business was performing.