Kerry Group has completed its €853m purchase of food technologies group Niacet.
he deal, which was first announced in June, will see Niacet be integrated as part of Kerry’s global food protection and preservation platform.
Niacet is a market leader in low-sodium preservation systems for meat and plant-based food, as well as bakery and pharma, and has customers in over 75 countries served by manufacturing facilities in Niagara Falls, New York and Tiel, the Netherlands.
The company delivered $220m in revenue and $66m in earnings last year.
The completion of the deal is a further step in Kerry becoming a pure taste and nutrition company after the Competition and Consumer Protection Commission (CCPC) earlier this week approved the sale of its meats and ready meals business to Moy Park owner Pilgrim’s Pride.
The €819m deal, which was also announced in June, includes such well-known brands as Richmond, Denny and Galtee.
However, questions remain over whether Kerry Group can finally cut a deal with the Kerry Creameries Co-op – the group’s largest shareholder with an 11.7pc stake – to get out of dairy and consumer foods altogether.
The rest of Kerry’s consumer foods, including Dairygold spread and Cheestrings among other brands, remain up for grabs amid a flurry of mergers and acquisitions in the sector this year.
The sale of the division was expected to proceed once Kerry spun out its dairy business into a joint venture with the co-op, but the deal fell apart over the size of the offer.
Now dairy and consumer foods have been folded in together while the Kerry Group M&A team continue to hunt more buying opportunities with their €1.7bn war chest.
It understood there has been no engagement between the group and the co-op over restarting talks over the dairy business since the deal broke down in April.
Edmund Scanlon, CEO of Kerry Group, will be updating investors on the direction of the company at an October virtual event.