Glanbia is to buy the SlimFast brand, in a deal worth around $350 million.

The weight management and health and wellness brand will operate as part of Glanbia’s Performance Nutrition segment.

SlimFast delivered net sales of $212 million, with gross assets of $136 million.

The deal is due to close before the end of the year pending certain conditions and approvals.

Glanbia, which is Ireland’s largest dairy, has facilities in Lough Egish and Virginia.