KERRY Group has announced the E170m acquisition of four high-profile flavour businesses in the US, Italy and Mexico.
The move, which will significantly expand the Group s mastertaste divisions flavour development and global customer services capabilities, was announced on Monday.
The first of the four acquisitions is Manheimer Inc., based in New Jersey, which also includes Manheimer Fragrances, which represents Kerry Group s first business interest in the international fragrance market.
Manheimer is also a leading supplier of natural flavours for the beverage, confectionery, meat and soup industries and boasts state-of-the-art research and development facilities in Teterboro, New Jersey and a modern manufacturing facility in Clark, New Jersey.
The second of the acquisitions, Flavurence, is also based in the US and operates as a major flavour supplier to food and beverage producers in the West Coast.
Laboratorios Krauss, the third acquisition, is headquartered in Mexico City but has flavour development facilities based in Pachuca.
Kerry Group expects it to establish an important platform for Mastertastes growth and development in Mexico, Latin America and the Carribean.
The final acquisition announced on Monday was that of Fructamine which is based in Bergamo in Northern Italy. It is the country s leading producer of naturally extracted flavours.
In the financial year 2003, the four acquired businesses had annual revenues of 110 million and earnings before interest, taxation, depreciation and amortisation of 15 million.
Commenting on the acquisitions Kerry Group chief executive Hugh Friel remarked: Demand for natural, more varied and complex flavours is growing in line with evolving consumer trends and increasing consumption of convenience foods, prepared meal solutions, health and nutraceutical food and beverages.
Manheimer Fragrances represents the Group s first entry into the specialist fragrance market where rapid-ly changing consumer dynamics are also providing strong growth opportunities in home-environmental, air care and personal care products, he added.
