Kerry acquires Cargill's global flavours business (7566O)
September 22 2011 - 9:08AM
UK Regulatory
TIDMKYGA
RNS Number : 7566O
Kerry Group PLC
22 September 2011
news release
22 September 2011
Kerry Group confirms agreement to acquire Cargill's global
flavours business
22 September 2011 - Kerry Group, the global ingredients &
flavours and consumer foods group, today confirmed that it has
entered into an agreement to acquire Cargill's global flavours
business. Cargill Flavor Systems with annual revenues of
approximately US$200m is being acquired by Kerry for a
consideration of US$230m subject to closing adjustments.
Cargill Flavor Systems has well-established international
flavour technology development expertise serving a global customer
base through provision of flavour ingredients and flavour systems
for beverage, dairy, sweet and savoury applications. The business
has long-standing relationships with leading global food and
beverage manufacturers and employs 700 people through its
integrated flavour development and application centres in France,
the UK, South Africa, India, Malaysia, China, the USA, Puerto-Rico,
Mexico and Brazil, supported by a network of sales representative
offices in 12 other countries.
The acquisition of Cargill Flavor Systems will strengthen
Kerry's capability to provide integrated customer solutions across
all food and beverage end-use-markets and extend the Group's market
spread in emerging markets.
The transaction which is subject to regulatory approval is
expected to be completed by year-end.
-ENDS-
Notes for editors:
On 15 July 2011, Kerry Group announced that it was in exclusive
discussions with Cargill to acquire Cargill Flavor Systems. Kerry
Group is the global leader in food ingredients & flavours
serving the food and beverage industries and a leading consumer
foods processing and marketing organisation in selected EU markets.
Serving a wide customer base in 140 countries, Kerry employs some
23,000 people across the Group's manufacturing and product
development facilities in 23 countries and its network of
international representative offices. Kerry Ingredients &
Flavours develops, manufactures and delivers technology-based
ingredients, flavours and integrated solutions for food, beverage
and pharmaceutical markets.
Contacts:
Media Investor Relations Brian Mehigan,
Frank Hayes, Director of Corporate Chief Financial Officer Michael
Affairs Ryan, Head of Investor Relations
Tel: +353 66 7182304 Tel: +353 66 718 2253 Email:
Email: corpaffairs@kerry.ie investorrelations@kerry.ie
Kerry Web Site: www.kerrygroup.com
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