Kerry Group

Last updated

Kerry Group plc
Company type Public limited company
Euronext Dublin:  KRZ
LSE:  KYGA
ISEQ 20 component
ISIN IE0004906560
Founded1972;52 years ago (1972) in Listowel, County Kerry, Ireland
Headquarters Tralee, County Kerry
Key people
Tom Moran (Chairman)
Edmond Scanlon (CEO)
ProductsFood ingredients and flavours
RevenueDecrease2.svg €8,020.3 million (2023 [1]
Decrease2.svg €866.0 million (2023) [1]
Increase2.svg €728.1 million (2023) [1]
Total assets Decrease2.svg €11,692.4 million (2023) [1]
Total equity Increase2.svg €6,522.8 million (2023) [1]
Number of employees
23,000 (2024) [2]
Parent Kerry Co-operative Creameries (11.3%)
Website kerrygroup.com

Kerry Group plc is a public food company headquartered in Ireland. It is quoted on the Dublin ISEQ and London stock exchanges.

Contents

Kerry's Main Factory in Listowel Kerry headquarters Tralee Irland@20160601 01.jpg
Kerry's Main Factory in Listowel

Given the company's origins in the co-operative movement, farmer-suppliers of the company retain a significant interest in the company.

History

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]

Operations

Headquartered in Tralee, County Kerry, Ireland, the Group employs over 23,000 people in its manufacturing, sales and technical centres worldwide. [28] Kerry's global Technology Centre is in Naas, County Kildare and employs 800 people. [29] 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. [30]

Business structure

The Group operates across two business:

Brands

Brands include: [31]

See also

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References

  1. 1 2 3 4 5 "Annual Results 2023" (PDF). Kerry Group. Retrieved 11 March 2024.
  2. ↑ "About us". Kerry Group. Retrieved 11 March 2024.
  3. 1 2 "Kerry's cathedral of discovery". Irish Examiner. 12 October 2015. Retrieved 24 January 2016.
  4. ↑ Research Handbook on Sustainable Co-operative Enterprise: Case Studies of Organisational Resilience in the Co-operative Business Model. Edward Elgar Publishing. 2014. p. 73. ISBN   9781783472024.
  5. ↑ "Kerry's qualities make it a good buy". The Irish Times. Retrieved 13 January 2024.
  6. ↑ Hubert, S. Keyes and T. (18 June 2021). "Kerry had a profitable meat business with strong brands – and it made sense to sell it". The Currency. Retrieved 13 January 2024.
  7. ↑ "Kerry Group Corporate History" (PDF). Kerry Group. Retrieved 3 May 2024.
  8. ↑ Cahill, Edward (1997). Corporate financial crisis in Ireland. Dublin: Dublin : Gill & Macmillan. p. 58. ISBN   978-0-7171-2024-6 . Retrieved 3 May 2024.
  9. ↑ "Kerry in $80m buy from Swiss". The Irish Times. Retrieved 13 January 2024.
  10. ↑ foodnavigator.com. "Kerry buys Armour Food". foodnavigator.com. Retrieved 13 January 2024.
  11. ↑ "In The Know: Whopper Deal | Prepared Foods". www.preparedfoods.com. Retrieved 13 January 2024.
  12. ↑ "Purchase-hungry Kerry Group buys Quest for $440m". Irish Emigrant. 3 March 2004. Archived from the original on 1 February 2016. Retrieved 25 January 2016.
  13. ↑ "Kerry Group buys Noon Products". The Grocer. 9 August 2005. Retrieved 25 January 2016.
  14. ↑ "Kerry buys Cargill Flavor System for $230 million". Natural Products Insider. 23 September 2012. Archived from the original on 7 October 2016. Retrieved 25 January 2016.
  15. ↑ "Kerry Group gobbles up hot dog supplier Rollover". The Telegraph. 24 February 2015. Retrieved 25 January 2016.
  16. ↑ "Kerry Group Buys Three Food Companies for $735 Million". Powder and Bulk Solids. 19 October 2015. Retrieved 25 January 2016.
  17. ↑ "Top 10 Food Additive Manufacturers - 2021 | Industry Outlook". www.theindustryoutlook.com. Retrieved 12 January 2022.
  18. ↑ "2021年FoodTalks全球食品防腐剂企业20强揭晓：LANXESS，Kerry、天津东大位列前三！". we.foodtalks.cn. Retrieved 12 January 2022.
  19. ↑ "Kerry Group to sell consumer foods meat and meals business to Pilgrim's Pride". Reuters. 17 June 2021. Retrieved 17 June 2021.
  20. ↑ "Kerry Group acquires preservation group Niacet for €853m". The Irish Times. 21 June 2021. Retrieved 5 March 2023.
  21. ↑ "Kerry completes Biosearch Life acquisition". Dairy Reporter. 12 July 2021. Retrieved 5 March 2023.
  22. ↑ "Kerry acquires German and Mexican biotechnology companies". Dairy Reporter. 15 February 2022. Retrieved 5 March 2023.
  23. ↑ "Kerry Completes Acquisition of Science-Backed Branded Botanical Extract Company Natreon". Food Industry Executive. 8 April 2022. Retrieved 5 March 2023.
  24. ↑ "Kerry Group agrees €107.5m deal to acquire cheese business from Kraft Heinz". Food Industry Executive. 30 August 2022. Retrieved 5 March 2023.
  25. ↑ "Kerry sells sweet ingredients portfolio to Advent for 500 mln euros". Food Industry Executive. 11 January 2023. Retrieved 5 March 2023.
  26. ↑ "Kerry Group announces €150m deal to acquire Danish enzymes business". www.businesspost.ie. Retrieved 28 August 2024.
  27. ↑ "Kerry Group to acquire lactase enzyme business of merging Danish companies for €150m". The Irish Times. Retrieved 28 August 2024.
  28. 1 2 "Annual Report 2022" (PDF). Kerry Group. Retrieved 10 March 2023.
  29. ↑ "Kerry Group Officially Opens New Innovation Centre in Naas". Irish Farmers Journal. 7 October 2015. Retrieved 10 March 2023.
  30. ↑ "About EFFA". EFFA. Archived from the original on 8 April 2019. Retrieved 3 March 2018.
  31. ↑ "Brands". Kerry Group. Retrieved 10 March 2023.
  32. 1 2 3 "Company of the Month June 2022: Kerry Group, "a reminder of the potential any business starting in North Kerry can have"". Business & Finance. 5 July 2022. Retrieved 10 March 2023.
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