Kerry Group 'Suspends Potential Transaction' With Kerry Co-Operative Creameries Limited
In February, the food and ingredients company announced that is undertaking a strategic review of its dairy business in Britain and Ireland, which may lead to a transaction in the coming months.
In a statement on its website, Kerry Group said that as part of this review, 'discussions with Kerry Co-Operative Creameries Limited in relation to a potential transaction have been suspended'.
While the review is ongoing, Kerry Group added, 'there is no certainty that this will lead to a transaction and a further update on the strategic review process will be communicated later this year.'
Earlier this year, Edmond Scanlon its chief executive said in an interview the review would consider dairy production and consumer food assets with an annual revenue of around €900 million.
"We're taking a stand back and doing a strategic review. Evaluating several options. One of those options could lead to a transaction but may not lead to a transaction," he added.
Scanlon said, adding the process could take several months and may not conclude until the second half of the year.
Headquartered in Tralee, Co. Kerry, the company employs over 26,000 globally.
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