Kerry to spend €365m in acquisition of two firms
Purchase of Fleischmann’s Vinegar Company and AATCO Food Industries will expand portfolio
Kerry Group headquarters in Naas, Co Kildare
Food group Kerry said it would buy Fleischmann’s Vinegar Company and AATCO Food Industries in a deal worth an expected €365 million.
The company said the purchases have annualised revenues of around €150 million, and would help expand the group’s technology portfolio.
The deal will be financed from existing lines of credit, with the deals set to close by the end of the year.
Fleischmann’s Vinegar Company is an all-natural producer of speciality ingredients, headquartered in California with manufacturing facilities in Washington, New York, Maryland, Illinois, Missouri, Alabama and California.
AATCO Food Industries will give the company a platform to develop its business in the Middle East and Africa. The company, which is headquartered in Muscat, Oman, provides culinary sauces to the food service industry. It has manufacturing facilities in Sohar, Oman; Jeddah, Saudi Arabia; and Nashik, India.