Kerry Group looking at selling food business for ‘billions of euro’
Published date | 19 December 2020 |
Date | 19 December 2020 |
Author | Joe Brennan |
However, the company was already known to be in talks for months to sell a 60 per cent share in its dairy business to members of Kerry Co-op, which owns 12.5 per cent of Dublin-listed Kerry Group that is worth €2.66 billion, based on the current share price.
Goodbody Stockbrokers analyst Jason Molins said in September the Co-op would likely sell down some of its stake in Kerry Group to finance such a transaction.
'Strategic sense' A sale of the Consumer Foods businesses "would make strategic sense, freeing up significant funds to invest behind the core T&N division whilst also improving the growth and margin profile of the group", said Mr Molins, reacting to the latest development on Friday.
The dairy part of Consumer Foods includes three state-of-the-art manufacturing facilities in Ireland, where over one billion litres, or 20 per cent of the total Irish milk pool, are processed annually. Its brands include Dairygold, Denny and EasiSingles cheese slices.
The meat business includes labels...
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