Ireland’s Kerry Group has confirmed agreement to acquire the global flavours business of the US-based multinational Cargill.
Kerry, a Dublin-based ingredients, flavours and consumer foods group, will acquire Cargill Flavor Systems for around $230 million (approximately €171 million).
The deal comes following Kerry’s announcement in July that it was in exclusive discussions to acquire the Cargill unit.
Cargill Flavor Systems produces flavour ingredients and flavour systems for beverage, dairy, sweet and savoury applications. The business employs 700 people through its flavour development and application centres in France, the UK, South Africa, India, Malaysia, China, the US, Puerto Rico, Mexico and Brazil, supported by a network of sales representative offices in 12 other countries.
Kerry Ingredients & Flavours develops, manufactures and delivers technology-based ingredients, flavours and integrated solutions for food, beverage and pharmaceutical markets.
Kerry said the acquisition will strengthen its 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 the end of this year.
Serving customers in 140 countries, Kerry employs some 23,000 people across its manufacturing and product development facilities in 23 countries and its network of international representative offices.
Earlier this month, Kerry announced its acquisition of the German sweet ingredients and flavours producer SuCrest.
