Dunbia's pork business was sold to Cranswick for £18m
Northern Ireland meat giant Dunbia sold its pork sector to British firm Cranswick for £18m, it has emerged.
Cranswick bought the firm's Ballymena arm, which employs around 360 staff and processes almost 8,000 pigs a week.
The firm's latest accounts show the business was acquired for £16.9m in cash, with a further £1.25m payable under certain conditions.
Cranswick said the acquisition enhances its "pig processing capability and establishes a significant presence in Northern Ireland".
"The fair values on acquisition are still being assessed due to the recentness of the transaction and will be finalised within 12 months of the acquisition date," it said.
The Belfast Telegraph revealed last year that a teaser document had been prepared for businesses interested in snapping up the Co Tyrone-headquartered company.
Dunbia started life as a red meat processor, primarily beef, but has now grown its reach across the wider meat industry.
The company was co-founded by brothers Jim and Jack Dobson and the latter will continue in a consultancy role with Cranswick.