Kerry buys two US food ingredients groups for $67m

KERRY GROUP pushed its spend on bolt-on acquisitions this year to $135 million with the purchase of two US-based food ingredients businesses, Guernsey Bel and Pacific Seasonings, for $67m yesterday.

It is expected the new companies, which are regarded as strategic fits with the company’s existing US businesses, will add 45m to sales in 2003, pushing them over €3.8bn this year and on course to break €4bn in 2004.

Operating profits are expected to benefit to the tune of at least €45 million. Further acquisitions are expected during the year as Kerry’s worldwide workforce heads to 19,000, with more than 3,000 of these based in the US.