Kerry Group PLC - Tralee, Ireland-based nutrition solutions provider for food, beverage and pharmaceutical markets - Completes the sale of the trade and assets of its Sweet Ingredients Portfolio to IRCA for a consideration of EUR500 million.

In January 2021, Kerry said it had entered into exclusive negotiations with Advent International's portfolio company IRCA to sell its Sweet Ingredients portfolio to IRCA. It said the Sweet Ingredients portfolio is a "leading" manufacturer of sweet and cereal products, primarily serving end markets of bakery, cereal, confectionery, dairy and ice cream across Europe and the US.

IRCA supplies chocolate, creams and semi-finished food ingredients to professional channels. Advent International is a private equity investor.

Chief Executive Officer Edmond Scanlon says: "I would like to wish our former colleagues every success as part of IRCA. This represents another important strategic step in Kerry's evolution, as we continue to enhance and refine our Taste & Nutrition portfolio to areas where we can create the most value."

Current stock price: EUR90.97

12-month change: down 8.7%

By Sophie Rose, Alliance News reporter

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