Kerry Group: intends to sell Kerry Dairy Ireland

Tralee / IE. (kg) Irland’s Kerry Group PLC announces that it has entered into an agreement with Kerry Co-Operative Creameries Limited to sell Kerry Dairy Holdings (Ireland) Limited to the Co-Op for a total expected consideration of EUR 500 million. Kerry Dairy Ireland is fully owned by Kerry.

Kerry Dairy Ireland consists of Dairy Consumer Products, with its leading range of well-loved brands across cheese, cheese snacks, dairy snacks and dairy spreads which can be found in chilled cabinets across retailers in the UK and Ireland. It also comprises the Dairy Ingredients business, which is a leading provider of Irish dairy ingredients including functional dairy proteins, nutritional dairy bases and cheese systems, along with the provision of related agribusiness products and services.

Pursuant to the Share Exchange Steps, the Co-Op members will become direct owners of Kerry shares equivalent to 85 percent of the Co-Op’s current shareholding. The remaining 15 percent of the Co-Op’s shareholding in Kerry will be redeemed as part of the consideration for the Disposal, following which the Co-Op will cease to be a shareholder in Kerry and Kerry’s issued share capital will reduce by approximately 2.9 million shares. The transaction will involve no public placement of Kerry Group PLC shares.

The transaction will result in two leading businesses, Kerry Group and Kerry Dairy Ireland, each better positioned to focus on their respective strategies and capital allocation priorities: Kerry Group as a leading global provider of taste and nutrition solutions for the food, beverage and pharmaceutical markets. Kerry Dairy Ireland as a leading Irish provider of dairy consumer products and dairy ingredients.

For additional information please read the company’s PDF file below (188 KB):

20241114-KERRYGROUP-KDI.