The Kerry Group has announced the sale of its consumer foods’ meats and meals business to the Pilgrim’s Pride Corporation for €819 million.
The group’s consumer foods’ business is best known for its brands including Richmond, Denny, Galtee, Fridge Raiders and Rollover.
The business also produces chilled, frozen and ready meals, as well as home delivery meals under its Oakhouse brand.
“Kerry’s strategy for the past 30 years has been to continuously evolve our portfolio, as we progressed on our journey to becoming a market-leading Taste and Nutrition company,” Kerry Group chief executive Edmond Scanlon said.
“This transaction further enhances Kerry’s focus as a leading business to business ingredient solutions provider for the food, beverage and pharmaceutical markets.
“Pilgrim’s is a global provider of high-quality food products and I am convinced they will make an excellent future owner of the Meats and Meals business.
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“I wish to thank the 4500 employees of the business for their contribution to Kerry over many years.”
The company said the profits from the sale will be spent on the expansion of the group’s taste and nutrition business.
“We are pleased to have the opportunity to position Pilgrim’s as a leading prepared foods and branded products player through the acquisition.
“We look forward to welcoming Kerry Consumer Foods’ Meats and Meals business’ talented management team and other team members, led by Nick Robinson, to the Pilgrim’s family, and we look forward to working together to drive growth and deliver value for all of our stakeholders,” Pilgrim’s chief executive Fabio Sandri added.