| 26.5°C Dublin

Kerry Group completes sale of its meats and meals business for €819m

Close

Kerry Group CEO Edmond Scanlon

Kerry Group CEO Edmond Scanlon

Kerry Group CEO Edmond Scanlon

Kerry Group has completed the sale of its Consumer Foods meats and meals business to Pilgrim's Pride for €819m.

The sale of the division was first announced in June.

"Today marks a very significant milestone in Kerry Group's evolution and I would like to thank all of the 4,500 employees who transition to Pilgrim's today for their contribution to Kerry over the years and I wish them the very best in the future," Kerry Group CEO Edmond Scanlon said.

The finalisation of the deal is a further step in Kerry becoming a taste and nutrition company. However, questions remain over whether Kerry Group can finally cut a deal with the Kerry Creameries Co-op – the group’s largest shareholder with an 11.7pc stake – to get out of dairy and consumer foods altogether.

Earlier this month Kerry completed its €853m purchase of food technologies group Niacet.

The deal, which was first announced in June, will see Niacet integrated as part of Kerry's global food protection and preservation platform.

Niacet is a market leader in low-sodium preservation systems for meat and plant-based food, as well as bakery and pharma, and has customers in over 75 countries served by manufacturing facilities in Niagara Falls, USA and Tiel in the Netherlands.

Niacet delivered $220m in revenue and $66m in earnings last year.

Kerry Group reported a double digit increase in trading profits for the first six months of this year as economies begin reopening.

Trading profit increased 13pc year-on-year to €357m in the six months to June 30.

So far this year shares in Kerry Group are up 0.25pc.

Business Newsletter

Read the leading stories from the world of business.

This field is required


Most Watched





Privacy