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:

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
Frank Hayes, Director of Corporate Affairs
Tel: +353 66 7182304
Email: corpaffairs@kerry.ie
Kerry Web Site: www.kerrygroup.com  

Investor Relations
Brian Mehigan, Chief Financial Officer
Michael Ryan, Head of Investor Relations
Tel: +353 66 718 2253
Email: investorrelations@kerry.ie