Kerry Group announced that it has entered into exclusive negotiations to sell the trade and assets of its Sweet Ingredients Portfolio to IRCA, an international provider of chocolate, creams and other high-quality semi-finished food ingredients, for a consideration of €500 million. The potential sale is subject to relevant regulatory approvals and routine closing adjustments. Employee consultation and information processes have commenced in relevant jurisdictions.
The Sweet Ingredients Portfolio is a manufacturer of sweet and cereal products with a range of technological capabilities, primarily serving the end markets of bakery, cereal, confectionery, dairy and ice cream in Europe and the U.S. Its operational footprint covers four manufacturing facilities in the U.S. (in Illinois, Kansas, Missouri and California), and six facilities across the UK, the Netherlands, Germany and France. The portfolio incorporates a range of products spanning sweet particulates, chocolate confections, baked inclusions, variegates and fruit purées. The expected attributable financial results for the year ending December 31, 2022 include revenues of €405 million and EBITDA of €41 million.