Kerry Group
Irish food company From Wikipedia, the free encyclopedia
Kerry Group plc is a public food company headquartered in Ireland. It is quoted on the Dublin ISEQ and London stock exchanges.
| |
| Company type | Public limited company |
|---|---|
| Euronext Dublin: KRZ
LSE: KYGA ISEQ 20 component | |
| ISIN | IE0004906560 |
| Founded | 1972 in Listowel, County Kerry, Ireland |
| Headquarters | Tralee, County Kerry |
Key people | Tom Moran (Chairman) Edmond Scanlon (CEO) |
| Products | Food ingredients and flavours |
| Revenue | €8,020.3 million (2023[1] |
| €866.0 million (2023)[1] | |
| €728.1 million (2023)[1] | |
| Total assets | €11,692.4 million (2023)[1] |
| Total equity | €6,522.8 million (2023)[1] |
Number of employees | 23,000 (2024)[2] |
| Parent | Kerry Co-operative Creameries (11.3%) |
| Website | kerrygroup |
Given the company's origins in the co-operative movement, farmer-suppliers of the company retain a significant interest in the company.
History
Summarize
Perspective
Kerry was founded in 1972 in Listowel, County Kerry as a private company (North Kerry Milk Products) with three shareholders – state-owned Dairy Disposal Company (42.5%), a federation of eight small farmer co-operatives in Kerry (42.5%) and Erie Casein Company Inc. from the US (15%).[3]
In 1986, a significant milestone in the formation of the public limited company involved the Group acquiring the undertaking, property and assets of Kerry Co-operative Creameries and as a consideration 90 million ordinary shares in Kerry Group plc being issued to the Co-op.[4] It floated on the Irish Stock Exchange at a price of 52p per share.[5]
Kerry Group has a long history of acquisitions. In 1982, the company acquired pork manufacturer Duffy Meats and Henry Denny & Sons.[6] In 1988, it acquired Beatreme Food Ingredients, a division of the Beatrice Corporation for $130m.[7][8] In 2000, it acquired Shade Foods Inc, a US sweet ingredients provider for US$80 million,[9] Armor Foods, a savory flavorings company for US$35 million[10] and Solnuts, a provider of value-added soy-based nutritional ingredients.[11]
In March 2004, the company bought the Quest Food Ingredients Group, a food ingredients business, for US$440 million.[12] Then in August 2005, the company acquired Noon Products, a supplier of Indian and Thai ready meals, for £124m.[13]
In September 2012, the company acquired Cargill Flavor Systems, a manufacturer of food flavouring, for $230 million.[14]
In February 2015, the company acquired Rollover, a supplier of hot dogs.[15] Then in October 2015, the company acquired Red Arrow Products, Island Oasis and Wellmune, three businesses in the US taste and nutrition sector, for US$735 million.[16]
In 2021, Kerry was on the list of Industry Outlook's Top 10 Food Additive Manufacturers,[17] in addition to being ranked second on the Top 20 Global Food Preservative Companies list by FoodTalks, a Chinese food media platform.[18]
In June 2021, Pilgrim's Pride agreed to buy Kerry Group's consumer foods in the meat and meals business.[19] In June 2021, Kerry Group also agreed to acquire Niacet for the value of €853 million.[20]
In July 2021, the company acquired Biosearch Life, a biotechnology company focused on the pharmaceutical, nutraceutical and functional food sectors.[21]
In February 2022, Kerry Group announced two acquisitions: c-LEcta, a biotechnology company, and Enmex, a Mexican-based enzyme manufacturer.[22]
In April 2022, Kerry Group acquired Natreon, Inc, a US based supplier of branded Ayurvedic botanical ingredients.[23]
In August 2022, Kerry Group acquired the B2B powdered cheese business and related assets of The Kraft Heinz Company for consideration of $107.5 million.[24]
In January 2023, IRCA, Advent International's portfolio company, agreed to buy Kerry Group's Sweet Ingredients Portfolio for €500 million.[25]
In December 2023, the company acquired the lactase enzyme business of Danish companies Chr. Hansen and Novozymes for €150 million.[26][27]
In December 2024, 82% of eligible Kerry Co-op members approved a €1.4 billion proposal to acquire 70% of Kerry Dairy Ireland and exchange their Co-op shares for direct ownership in Kerry Group Plc. To fund the deal, 2.9 million Kerry Plc shares will be redeemed, raising €250 million, with the balance covered by loans linked to the share price. Members will have the flexibility to hold or sell their shares, while Kerry's dairy farmers will have the opportunity to purchase the remaining 30% of Kerry Dairy Ireland by 2035 for €150 million.[28]
Operations
Headquartered in Tralee, County Kerry, Ireland, the Group employs over 23,000 people in its manufacturing, sales and technical centres worldwide.[29] Kerry's global Technology Centre is in Naas, County Kildare and employs 800 people.[30] Kerry supplies over 18,000 foods, food ingredients and flavour products to customers in more than 140 countries.[3] Kerry is a member of the European Flavour Association.[31]
Business structure
The Group operates across two business:
- Taste & Nutrition
- Kerry Dairy Ireland[29]
Brands
Brands include:[32]
See also
References
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