Kerry said the deals would boost its technological capabilities, while strengthening its position in the foodservice sector and developing markets, in line with its growth strategy.
The total sum paid for the acquisitions is expected to be €365m (£322.7m) and the companies bought have annualised revenues of approximately €150m (£132.6m).
Finalised at year-end
The transactions are being financed from existing loan facilities and are expected to be finalised before the end of Kerry’s financial year, subject to routine regulatory and closing conditions.
Fleischmann’s Vinegar Company is certified by the US Department of Agriculture as an all-natural producer of speciality ingredients, supporting Kerry’s international taste and clean-label strategies. It is headquartered in California and has manufacturing facilities in Washington, New York, Maryland, Illinois, Missouri, Alabama and California.
AATCO Food Industries is based in Muscat, Oman, with manufacturing facilities in Sohar, Oman; Jeddah, Saudi Arabia; and Nashik, India. The business would provide a platform for the company’s development in the Middle East and Africa, Kerry confirmed.
