Kerry Group expects revenue to drop by €1bn following sale of dairy division

Chief executive of Kerry Group Edmond Scanlon said: 'Volume growth was led by strong performance in the Americas through foodservice innovations and increased nutritional renovation across a broad range of customers.'

Revenue at Kerry Group is expected to see a €1bn reduction following the company’s decision to divest from its dairy processing division and sell it to Kerry Co-op, its preliminary results for 2024 show.

Last year, Kerry Group announced that it would shift towards becoming a purely taste and nutrition company following its sale of Kerry Dairy Ireland. In November, agreement was reached to sell the business for a total expected consideration of €500 million, with phase one of the transaction for a 70% shareholding completing on December 31, 2024.