Irish co-ops such as Glanbia, Kerry, Lakeland and Dairygold, along with beef baron Larry Goodman, are set for a €155m cash windfall after IPL Plastics agreed a deal that will see the company sold in its entirety for almost €350m.

On Wednesday, IPL Plastics (formerly One51) announced it had struck a deal to sell its entire business to Chicago-based private equity group Madison Dearborn Partners for a cash price of C$10/share, which is a 50% premium on where IPL shares were trading this week. The deal is subject to shareholder approval and values IPL at just over €346m.