Kerry Group to sell meats and meals business for €819m
Kerry Group plc has reached agreement to sell its Consumer Foods’ Meats and Meals business in the UK and Ireland to Pilgrim’s Pride Corporation.
The deal will be worth €819 million and is expected to close in the last quarter of this year.
Kerry’s Meats business includes branded and private label meats, meat snacks, food-to-go and meat-free products in the UK and Ireland, with brands such as Richmond, Denny, Galtee, Fridge Raiders and Rollover.
The Meals business primarily serves the UK market and specialises in authentic ethnic chilled and frozen ready meals, multi-cuisine ready to cook ranges, and home delivery meals under the Oakhouse brand.
Proceeds from the sale will be used for general corporate purposes and the continued strategic development of the taste and nutrition business.
Edmond Scanlon, CEO of Kerry, said: “Kerry’s strategy for the past 30 years has been to continuously evolve our portfolio, as we progressed on our journey to becoming a market-leading taste and nutrition company. This transaction further enhances Kerry’s focus as a leading business to business ingredient solutions provider for the food, beverage and pharmaceutical markets.
“Pilgrim’s is a global provider of high-quality food products and I am
convinced they will make an excellent future owner of the Meats and Meals business.”
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