Kerry Group plc, an Irish food production company, has entered into an agreement to sell a subsidiary of Kerry Dairy Holdings (Ireland) Limited to Kerry Co-Operative Creameries Limited for 500 million euros. This was reported in a press release by Kerry Group.
The deal includes two stages — initially Kerry Co-Operative will acquire 70% of the shares with the possibility of repurchasing the remaining 30% in the future. The completion of the first stage is scheduled for the end of January 2025.
The deal will allow Kerry to focus on its core business of producing herbal and dietary products (taste & nutrition solutions). The funds raised will be used for corporate purposes aimed at strengthening the leading positions in the dairy industry.
Kerry Dairy Ireland is a manufacturer of popular dairy brands for the production of cheeses, snacks, dairy ingredients and spreads sold in the UK and Ireland. In 2023, Kerry Dairy Ireland's revenue was $1.283 billion.
Kerry Group is a food production company headquartered in Ireland. The shares are listed on the Dublin ISEQ and London Stock Exchanges. The company operates in two segments: Taste&Nutrition and Dairy Ireland. The Taste&Nutrition segment offers solutions for the production of herbal and dietary products for the food, beverage and pharmaceutical markets. Dairy Ireland offers dairy ingredients and consumer products, including functional proteins and nutritional bases. The headquarters is located in Tralee (Ireland) with offices in Europe, North and South America, Asia-Pacific, the Middle East and Africa.
Kerry Co-operative Creameries Limited is an Irish agricultural cooperative society. The main activity is aimed at investments on behalf of farmers. Kerry Co-operative as the parent company owns 11.3% of Kerry Group shares. The headquarters is located in Tralee (County Kerry, Ireland).
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