Kerry Group has announced that it has completed the acquisition of food preservation company Niacet for €853 million ($1.015 billion).
The deal was announced earlier in the summer, and Kerry has confirmed this morning (Tuesday, September 14) that the transaction has been finalised.
Kerry says that Niacet’s food preservation activities complement the former’s “existing extensive portfolio for food protection and preservation”.
Niacet has a leadership position in bakery and has “cost-effective” low-sodium preservation systems for meat and plant-based food. Its range includes both conventional and clean label solutions.
“Globally, the consumer and market demand for technologies that preserve freshness, extend shelf life and reduce the global burden of food waste is accelerating,” the Irish business said.
A statement from the company added: “Kerry will build upon the commercial reach of Niacet’s market-leading brands by adding the breadth and depth of its global network; innovation and application centres of excellence; as well as its taste and nutrition expertise.”
Edmond Scanlon, CEO of Kerry, said: “We have a vision to create a world of sustainable nutrition which is about providing nutrition which has less impact on the earth’s resources.
“Reducing food waste is a key component of this and one of the most effective ways to reduce food waste is through preservation where even one extra day of shelf life can have a hugely positive impact.
“We are excited to welcome the Niacet team to Kerry where the combination of our two businesses have created a global leadership position in the preservation sector,” Scanlon added.
Back in June, Kerry said that one of the reasons for the acquisition was a growing demand for plant-based foods requiring new food safety and shelf-life solutions.
Kelly Brennen, CEO of Niacet, said: “This is an exciting time for Niacet and it is a great opportunity for both companies. Working together, we will grow Niacet at a much faster rate and sell in new markets around the world. We are very pleased to become part of the Kerry organisation.”
Niacet has its headquarters in the city of Niagara Falls, New York State, US. It’s largest site is in the town of Tiel in the Netherlands.