Kerry announces €170m acquisitions

Kerry Group today announced the acquisition of four food flavour businesses for a total of €170m,

The group has acquired Manheimer, based in New Jersey, Flavurence based in Los Angeles, Laboratorios Krauss based in Mexico and Fructamine based in Italy.

In the financial year 2003, the acquired businesses had annual revenues of €110m and earnings before interest, taxation, depreciation and amortisation (EBITDA) of €15m.

The acquisition of Manheimer also includes the business of Manheimer Fragrances, which represents Kerry’s first business interest in the international fragrance market.

Kerry Group chief executive Hugh Frield said: “Demand for natural, more varied and complex flavours is growing in line with evolving consumer trends and increasing consumption of convenience foods, prepared meal solutions, health and nutraceutical food and beverages.

"Manheimer Fragrances represents the Group’s first entry into the specialist fragrance market, where rapidly changing consumer dynamics are also providing strong growth opportunities in home-environmental, air care and personal care products.”

Kerry shares are currently trading at €16.12 today.