As Glanbia announced its $355 million (€416 million) acquisition of an American food flavours company this morning, it was clear that the company is deeply focused on growing the value-added of its ingredients business, alongside its higher-margin performance nutrition division. But what does it say about Glanbia’s M&A approach? The deal to acquire Flavor Producers for an initial $300 million with a further $55 million earn-out dependent on performance this year is expected to close in the coming weeks. It marks an important move for Glanbia, which has placed an increasing focus on the higher-tech components of its ingredients business,…

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