The very fact that Glanbia plc now doesn’t own any processing sites on the island of Ireland represents a hugely significant transition for a company that so many Tirlán milk suppliers know very well.

Tirlán, the co-op, is Glanbia’s biggest shareholder with significant additional investment by Irish farmers in Glanbia plc shares down through the years given the various spin-outs. It is likely Kerry Group will similarly move to divest its processing assets in time.

The bottom line for these Tirlán farmers now is the relationship with Glanbia plc is purely a financial one, where return on investment is the core barometer and measure of success.

Glanbia plc is clearly now an ingredients business that has growth ambitions.

However, it is also a business that owns key brands in the specialised nutrition market that saw price and volumes increase significantly in 2022.

Management remain hopeful that the SlimFast brand can return to former glories after a period of investment.

The current share price suggests that investors maybe don’t share that optimism or the growth ambition in the wider sense and instead see steady growth and strong financial discipline.