TIDMKYGA

RNS Number : 9414H

Kerry Group PLC

01 August 2023

1 August 2023

LEI: 635400TLVVBNXLFHWC59

KERRY GROUP PLC

Kerry Group acquires Shanghai Greatang Orchard Food Co., Ltd.

Kerry Group plc ("Kerry"), the global taste & nutrition company, announces it acquired 100% of the share capital of Shanghai Greatang Orchard Food Co., Ltd. ("Greatang") on 31(st) July 2023. The business is headquartered in Shanghai with c.120 employees with expected full year 2023 revenue of approximately RMB300m (EUR38m (1) ). Greatang is a leading producer of local authentic and innovative taste solutions for local foodservice chains and the meals and snacks markets.

This acquisition strongly complements Kerry's leading authentic taste position in China, broadening and deepening its capability and portfolio of local taste solutions in the region, most notably in the significant foodservice hotpot market. Greatang's expertise strengthens and expands Kerry's strategic positioning and capability as an innovation partner for local and international customers in China.

The initial consideration (2) is RMB720m (EUR91m (1) ), with potential additional payments of up to RMB780m (EUR99m (1) ) payable across the next three years if certain performance conditions are met across each of these years.

ENDS

About Kerry

Kerry is a world leading taste and nutrition partner for the food, beverage and pharmaceutical markets. We innovate with our customers to create great tasting products, with improved nutrition and functionality, while ensuring better impact for the planet. Our leading consumer insights, global RD&A team of 1,100+ food scientists and extensive global footprint enable us to solve our customers' complex challenges with differentiated solutions. At Kerry, we are driven to be our customers' most valued partner, creating a world of sustainable nutrition, and to reach over 2 billion consumers with sustainable nutrition solutions by 2030. For more information, visit www.kerry.com .

(1) Exchange rate of RMB 7.90:EUR1.

(2) Subject to routine closing adjustments.

 
   CONTACT INFORMATION 
  ============================================= 
 
   Investor Relations 
   Marguerite Larkin , Chief Financial 
    Officer 
   +353 66 7182292 | investorrelations@kerry.ie 
 
   William Lynch , Head of Investor 
    Relations 
   +353 66 7182292 | investorrelations@kerry.ie 
 
   Media 
   Catherine Keogh , Chief Corporate 
    Affairs & Brand Officer 
   +353 45 930188 | corpaffairs@kerry.com 
 
   Website 
   www.kerry.com

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END

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(END) Dow Jones Newswires

August 01, 2023 07:32 ET (11:32 GMT)

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