Kerry Group Buys China's Greatang Orchard Food for $100.8 Million
August 01 2023 - 8:45AM
Dow Jones News
By Michael Susin
Kerry Group PLC said Tuesday that it has acquire the Chinese
flavoring company Greatang Orchard Food for an initial
consideration of 720 million yuan ($100.8 million) to boost its
positioning in China.
The Ireland-based food company said that the
Shanghai-headquartered business is expected to report a revenue of
around CNY300 million in 2023.
The deal includes potential additional payments of up to CNY780
million, payable across the next three years on conditions being
met.
"This acquisition strongly complements Kerry's leading authentic
taste position in China, broadening and deepening its capability
and portfolio of local taste solutions in the region, most notably
in the significant foodservice hotpot market," it added.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
August 01, 2023 08:30 ET (12:30 GMT)
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