Kerry Agrees to Sell Sweet Ingredients Portfolio

Ingredient manufacturer Kerry has announced that it will sell its portfolio of Sweet Ingredients.

The company will sell the portfolio to IRCA, an international leader in chocolate, creams and other semi-finished food ingredients for €500,000,000 or $538.5 million. Products manufactured by Kerry in the category include bakery, cereal, confectionery, dairy and ice cream products, along with chocolate confections, baked inclusions, variegates and fruit purées. Kerry makes its Sweet Ingredients at four manufacturing facilities in the U.S., and six across Europe.

“We are delighted to partner with Kerry on this transaction and look forward to its successful conclusion,” said Massimo Garavaglia, CEO of IRCA. “The Sweet Ingredients Portfolio is a high-quality business with a differentiated set of technologies, and we are excited to welcome their talented team who, we believe, share our passion and drive to deliver the best for their customers and consumers. This acquisition would represent a strong fit with our portfolio, with its highly complementary product and technological capabilities, and help us to become a truly global player. We look forward to helping the Sweet Ingredients Portfolio realize its full potential as part of the IRCA family.”

The potential sale is expected to close in the first half of 2023. Wisconsin-based Kerry said the profits from the sale will go towards the strategic development of its Taste & Nutrition business.

“We are pleased to have entered exclusive negotiations with IRCA, who have a strong track record of developing their business within the category,” said Edmond Scanlon, CEO of Kerry Group. “This transaction would represent another strategic development in Kerry's evolution, as we continue to look to enhance and refine our Taste & Nutrition portfolio, aligned to the areas where we can create the most value."