Kerry Group has agreed to sell its Meats and Meals business in the UK and Ireland to US poultry producer Pilgrim’s Pride for €819m as it seeks the higher growth opportunity offered by its Taste and Nutrition division.
Kerry Group’s strategic review of its dairy production and consumer food assets will allow it to free up money for acquisitions in faster growing areas, say equity analysts.
Taste and nutrition experts at Kerry Group have identified gut health as an important innovation lever for food R&D teams. More interestingly still, they argue that the opportunity around gut health and foodservice is ripe for picking.
Kerry Foods, part of the Irish Kerry Group, has been hit by the difficulty of recovering its rising ingredients costs, it reported in its first quarter (Q1) results released today.