Kerry Group partners with IOI for infant formula business

Kerry Group has partnered with IOI Loders Croklaan to form a joint venture to develop and market the infant nutrition Betapol business.

IOI Loders Croklaan is a Dutch company which supplies fats and oils to the global food industry and is the creator of Betapol.

Betapol will now be be integrated into Kerry’s global nutritional ingredients portfolio.

In an interim management statement, issued ahead of its AGM today, Kerry Group 2.5 per cent growth in business volumes for the first quarter of 2015.

The group said it achieved a good start to the year maintaining the positive momentum reported in Q4 2014, and achieved an improved performance in EMEA markets.

The group said growth slowed slightly in Asia due primarily to high inventory levels in China.

While global retail food and beverage markets continue to be challenged by consumer trends towards more convenient shopping formats, the company said demand for innovation in health and nutritional offerings provided it with solid opportunities for growth.

At the end of March net debt stood at €1.4 billion. Kerry said the increase in net debt since year-end reflects the impact of currency translation, capital expenditure and investment in working capital.