Kerry in $62m purchase of US firms

KERRY Group has spent $62 million on two acquisitions in the US, bringing its spending in the past six months to nearly $130m.

The food ingredients company yesterday said it has acquired Da Vinci Gourmet and Crystals International, both based in the US.

Da Vinci Gourmet, based in Seattle, Washington, is a top manufacturer of branded flavoured syrups, confectionery sauces and tea concentrates. It sells to grocery chains and coffee shops.

Crystals International is a leading specialist manufacturer of natural fruit and vegetable flavours for beverage, confectionery, dairy, nutraceutical and pharmaceutical applications.

Kerry said yesterday that Crystals International, based in Florida, has developed a reputation as the world’s leading source of specialty all-natural fruit flavours and exports to 28 countries.

Kerry’s managing director Hugh Friel said the acquisitions represented two important steps in broadening the group’s technology and customer base.

“The acquisition of Da Vinci Gourmet consolidates Kerry’s leadership position in the gourmet coffee segment, complementing the Stearns and Lehman business acquired in 2002.

“Combining Crystals International with Mastertaste’s existing flavour technologies strengthens the flavour division’s position in beverage flavours and bases and other all-natural sweet and savoury flavour applications,” he said.

The acquisitions did little to Kerry’s share price yesterday, ending the day flat at 15 on the ISEQ.