Kerry Group has announced that it has completed the sale of its Consumer Foods’ Meats and Meals business to Pilgrim's Pride Corporation, in a deal that Kerry CEO Edmond Scanlon described as a "significant milestone" for the business.
The €819 million deal, which was first announced on 17 June, will see popular brands including Denny, Galtee and Richmond change ownership.
“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," Scanlon said. "I wish them the very best in the future.”
Pilgrim's Pride Approves Deal
Colorado-based Pilgrim's Pride said that the deal was 'unanimously approved' by its board of directors, and was funded with the company's recent senior notes offering and credit facility.
The former Kerry unit will now operate as a business unit within Pilgrim’s European operations.
Pilgrim’s Pride employs approximately 59,200 people and operates protein processing plants and prepared-foods facilities in 14 US states, as well as Puerto Rico, Mexico, the UK and continental Europe.
In its half-year to 30 June, Kerry Group reported a 4.9% increase in revenue to €3.6 billion, citing positive growth in both its retail and foodservice businesses.
Its Taste & Nutrition arm saw a 18.1% increase in volumes in the second quarter, while Consumer Foods volumes were up 8.5%, the company said.