Global food manufacturer Kerry Group has entered into exclusive negotiations to sell its Sweet Ingredients Portfolio to INCA, an international leader in chocolate, creams and high-quality semi-finished food ingredients, for €500 million.
The Sweet Ingredients Portfolio is a manufacturer of sweet and cereal products with a broad range of technological capacities serving the markets of bakery, cereal, confectionery, dairy and ice cream in Europe and the US.
“We are pleased to have entered exclusive negotiations with IRCA, who have a strong track record of developing their business within the category. This transaction would represent another strategic development in Kerry’s evolution, as we continue to look to enhance and refine our Taste & Nutrition portfolio, aligned to the areas where we can create the most value,” said Edmond Scanlon, CEO of Kerry Group.
Massimo Garavaglia, CEO of IRCA, commented: “This acquisition would represent a strong fit with our portfolio, with its highly complementary product and technological capabilities, and help us to become a truly global player. We look forward to helping the Sweet Ingredients Portfolio realise its full potential as part of the IRCA family”.
The potential sale is expected to close in the first of 2023 and is subject to relevant regulatory approvals and routine closing adjustments.
Source: Kerry Group