Kerry Group to sell meats and meals business for €819m
Kerry Group is to sell its consumer foods’ meats and meals business in the UK and Ireland to US food company Pilgrim’s Pride for €819m in cash.
The meats business includes branded and private label meats, meat snacks, food-to-go and meat-free products in the UK and Ireland.
The brands include Denny, Galtee, Richmond, Fridge Raiders and Rollover.
The meals business primarily serves the UK market, providing products to a range of chilled and frozen ready meals as well as home delivery and ready to cook meals to retailers including Sainsburys and Tesco.
Last year, the divisions made a profit before tax of €63m off the back of revenue of €828m.
The sale is part of Kerry’s stated strategy to aggressively focus activities on its taste and nutrition divisions.
“This transaction further enhances Kerry’s focus as a leading business to business ingredient solutions provider for the food, beverage and pharmaceutical markets,” said Edmond Scanlon, Kery Group CEO.
“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.”
4,500 staff work in the businesses that have been sold, with around 3,000 of those in the UK.
By Will Goodbody / RTE
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