Deal follows breakdown of joint venture talks in 2021 after disagreement over price
Kerry Group, which floated on the stock market in 1986 and is currently led by chief executive Edmond Scanlon , has long left its dairy co-op roots behind to become a global taste and nutrition giant. Photograph: Colm Mahady/Fennells
Kerry co-op is expected to ultimately buy the remainder of the dairy business, called Dairy Ireland, covering milk processing plants in the Republic and the UK, within five years for €150 million. The unit owns brands such as Charleville cheese and Cheestrings snacks. Kerry co-op owns about 11.3 per cent of the listed company, more than double the 5.1 per cent interest held by the second-largest shareholder, US investment giant Blackrock.
The development comes three years after Kerry Group sold its UK and Irish consumer foods’ meats and meals business – including brands such as Denny, Galtee and Richmond – to US poultry producer Pilgrim’s Pride for €819 million. Kerry Group reported on October 2rth that its volumes rose in the third quarter as the company remained on track to meet guidance for the year.
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