Kerry Group spends €365m on two acquisitions
Kerry Group is to acquire Fleischmann's Vinegar Company and AATCO Food Industries for an expected total consideration of €365m.
In a statement today the global taste, nutrition and consumer foods group said that the acquisitions further expand its technology portfolio, as well as strengthening its foodservice and developing markets positioning.
The two companies have annualised revenues of approximately €150m.
Fleischmann's Vinegar Company is all-natural producer of specialty ingredients that support Kerry's taste and clean label strategies across a number of end-use markets.
It is headquartered in California, and has manufacturing facilities in Washington, New York, Maryland, Illinois, Missouri, Alabama and California.
Meanwhile, AATCO Food provides culinary sauces to the foodservice channel.
Headquartered in Muscat, Oman, it has with manufacturing facilities in Sohar, Oman, Jeddah, Saudi Arabia and Nashik, India.
Kerry said that the acquisition of AATCO Food provides it with a platform for business development in the Middle East and Africa.
Kerry will finance the acquisitions from existing lines of credit, and it is expected that the transactions will be completed prior to year-end, subject to regulatory approvals.