Ornua is set to sell its majority stake of US-based CoreFX Ingredients, a supplier of dry nutritional ingredients, based in Illinois.
A controlling stake will be purchased by Co. Kerry-born Denis Neville, CoreFX’s CEO and founder, in a management buyout.
Ornua originally acquired CoreFX Ingredients in 2016. Neville will acquire the majority stake through a holding company, POD Solutions.
Ornua said that the ingredients business, which has a powder ingredient spray drying facility in Orangeville, Illinois, was identified as a “non-core business” in Ornua’s five-year growth plan, and its sale “aligned with the strategic objectives of the group”.
Commenting on the sale, Neville said: “Having founded CoreFX with an expectation of continuous evolution, I am excited to embark on this new chapter to unlock our full potential.”
Ornua originally acquired CoreFX in 2016, when the latter was a division of MCT Dairies.
The 2016 acquisition represented Ornua’s first dry ingredients production facility in the US.
In 2017, a new 5,000ft² innovation centre was opened in Chicago by CoreFX.
Change of Ornua personnel in US
In other US-based changes in Ornua, the business recently appointed Lindsay Brady to the position of president of Ornua Foods North America.
In her role as president, Brady will have responsibility for leading the company’s North American business in “driving ambitious growth plans” for Kerrygold in the US and Latin America.
Ornua has said that the US is a market in which the brand currently holds the number two position for branded butter.
With over 20 years’ experience in the food and beverage sector, Brady has specialised in consumer goods and accelerating business growth.
In a statement, Ornua said: “Lindsay brings a wealth of experience having held senior leadership positions with multiple organisations including Hillshire brands, Tyson Foods, General Mills, and Campbell Soup Company.”
Most recently, Brady held the role of general manager at Conagra Brands, managing a portfolio of brands and businesses including Marie Callender’s and Birds Eye.