Kerry Group buys Spanish maker of gluten-free breadcrumbs
Company says Galicia-based Hasenosa will complement taste and nutrition business
Kerry chief Edmond Scanlo at the preliminary statement of results for 2017 at the Westin Hotel. Photograph: Cyril Byrne / THE IRISH TIMES
The Irish food and nutrition company, whose brands include include Charleville, Denny and Cheesestrings, said the acquisition would complement its globally-focused taste and nutrition business.
The Galicia-based firm is a leading producer of coatings, specialising in gluten-free breadcrumbs and has sales in 20 countries.
In addition to its coatings offerings, the firm also produce glazes, marinades, sauces and fish mixes catering to a variety of different retail and foodservice customer needs.
“The technologies and expertise developed by Hasenosa will complement our already strong offering to ensure that our customers have access to the most advanced and diverse offering available in the European market today,” Kerry Group’s Philip O’ Connor said.
“ The longevity and foothold that Hasenosa has in the Spanish market, coupled with the breadth and scale of Kerry’s technologies, will see both companies working seamlessly together to anticipate market opportunities to drive growth for customers across the continent,” he said.
Taste for acquisitions
Last year, Kerry made eight acquisitions, mainly in the taste and nutrition sector, at a cost of nearly €400 million.
While its latest annual results for 2017 show profits were hit by a weaker sterling and growing competition in the UK and Irish markets, the group’s taste and nutrition business, which makes up more than 80 per cent of group sales, grew 7.1 per cent to €767 million, helped by double-digit revenue growth in the Asia Pacific region.
The company, which is headed by Edmond Scanlon, is forecasting 6 per cent to 10 per cent earnings growth this year.