Kerry Group looking at post-Brexit opportunities – McCarthy
Kerry Group is looking at the opportunities for its business that could arise out of Brexit, outgoing CEO of the Group Stan McCarthy has said.
Speaking at the Group’s press conference on its results this week, he said that the Group is very well invested in the UK.
“In terms of opportunities arising out of Brexit, we’re very well invested in the UK. It provides opportunities to export out of there into mainland Europe or other parts of the world.
“We’re looking at some opportunities in that regard.”
“When we look at today’s global turmoil, we quickly realise that we have 140 plants around the globe. We enter an era where there’s talk of tariffs, break-up, more nationalism and break-up of the EU potentially.
“We view our footprint and our global position as a strength, not knowing what may come down the line.”
On the challenges facing Kerry Group, McCarthy said that there are some parts of the business, whereby it exports from Ireland into the UK, that are going to pose some challenges from a currency perspective if Sterling continues to weaken.
So far we have been able to manage our way through that – but it’s not a huge part of our business.
“By far the majority of our business involves manufacturing in the UK for the UK market, so it’s just a matter of recognising what’s happening at consumer level.
“What will be the impact at consumer level six months or a year down the road when we have significant inflation? That is something that we have to be mindful of and it is something that may impact the business.”
McCarthy said that the Asia is the fastest growing part of Kerry’s business.
“That’s where we’re experiencing volumetric growth and where we have spent the majority of CAPEX (capital expenditure) over the last 12 or 18 months.”
Over the next two years, there will be significant capital expenditure in that region.
Meanwhile, also speaking at today’s results announcement was incoming Chief Executive, Edmond Scanlon, who will take up his position upon McCarthy’s retirement in September.
“I’m honoured and privileged to be appointed CEO designate. Kerry Group has gone through remarkable development over recent years under Stan’s leadership and stewardship.
“Together with my colleagues, I look forward to continue to build Kerry Group and to embracing the growth opportunities that lie ahead of us.
“We’ve a strong footprint both in developed and developing markets. Our 23,000 employees are ready, willing and committed to deliver for our customers, regardless of where they are in the globe.”