Ireland's largest chicken processor – and one of its oldest family businesses – is to be bought by a Swedish firm.

Manor Farm is being sold to Scandi Standard for an initial payment of roughly €70m, which includes the settlement of debt.

The company, which was founded on Manor Street in Dublin's north inner city way back 1775 and has been in the Carton family for eight generations, employs around 850 people at its modern Cavan farm.

Completion of the transaction will require approval at an extraordinary general meeting, to be held later this summer.

Turnover at its holding company climbed to €249 million in 2015.

The current majority owners Vincent and Justin Carton will continue to run the business after the sale and ultimately become Scandi Standard shareholders. 

Vincent Carton said in a statement:

"In considering a succession of ownership for our family business, my brother Justin and I have been determined to find a partner who will build on our strong relationships with customers, employees, suppliers and the broader communities in which we operate.

"Scandi Standard is that partner, with an outstanding health and quality record in chicken processing. They’re also major chicken product innovators. They understand our business and our commitment to our people. We’re the best at what we do, and Scandi Standard is committed to continuing that."