Kerry Completes Sale Of Foods Meats And Meals Business
Kerry Group announced today that it has completed the sale of its Consumer Foods’ Meats and Meals business to Pilgrim’s Pride Corporation for €819 million (£704 million).
The global taste and nutrition company first announced the sale on 17 June 2021.
The Meats business is a leading manufacturer of branded and private label meats, meat snacks, food-to-go and meat-free products in the UK and Ireland. Its brands include Richmond, Denny, Galtee, Fridge Raiders and Rollover.
Commenting on the closure of the sale, Edmond Scanlon, chief executive officer of Kerry Group said, “Today marks a very significant milestone in Kerry Group’s evolution and I would like to thank all of the 4,500 employees who transition to Pilgrim’s today for their contribution to Kerry over the years and I wish them the very best in the future.”
Kerry Group reported a trading profit increase of 13% to €357 million in the group's interim half year results ended 30 June 2021, while revenue in the period increased by 4.9% to €3.6 billion, reflecting a volume increase of 9.0%.
In a statement, the company said 'overall conditions improved in many developed markets, with increased economic activity, reopening levels and consumer confidence, while developing markets saw a lot more variability through the period.'
Pilgrim’s employs approximately 59,200 people and operates protein processing plants and prepared-foods facilities in 14 US states, Puerto Rico, Mexico, the UK and continental Europe.
The company’s primary distribution is through retailers and foodservice distributors.