Carbery Group, the Cork-based producer of Dubliner Cheese and Carbery Cracker, has acquired US-based flavour and ingredients supplier Innova Flavors for an undisclosed sum.
Innova , which specialises in sweet flavours, extracts and essences, will be added to Carbery’s Synergy ingredients division.
Innova's manufacturing facilities are in Chicago, which is where Carbery's US Synergy business is based.
“This acquisition is another significant business development in the last 12 months, with the company also seeing the opening of their expanded cheese facility towards the end of 2020, and a diversification into producing mozzarella for international markets,” it said.
Last year Carbery opened a new €78 million mozzarella production plant at its Ballineen campus in west Cork, diversifying its traditional focus on cheddar cheese and entering the $22 billion (€ 18 billion) global mozzarella market for the first time.
Carbery chief executive Jason Hawkins said: "Our business was resilient throughout Covid-19, Brexit and the challenges of the last few years."
“Stability is important for us, but we also need to consider strategic opportunities for us to grow, to strengthen our offerings for our customers and maximise what we can deliver for our shareholders,” he said.
"Acquiring Innova Flavors will enhance our business in the US, but also in Asia and Central and South America. The deal will bring opportunities right across our platforms of dairy, taste and nutrition."
In its latest annual results, the group reported increased revenues of €460 million for 2020 despite the pandemic.
While restrictions here and abroad hit demand from the food service sector, the dairy group benefited from a strong pick-up in retail, which increased demand for cheddar overall.