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(Alliance News) - Kerry Group PLC on Tuesday said it purchased a 92% stake in c-LEcta GmbH as well as all of the issued share capital of Enmex SA de CV for a total of EUR199 million.
The Tralee, Ireland-based taste and nutrition company said c-LEcta is a biotechnology company based in Leipzig, Germany. Kerry has acquired a 92% stake in for total consideration EUR137 million.
c-LEcta specialises in precision fermentation, optimised bio-processing and bio-transformation for the creation of high-value targeted enzymes and ingredients, the company continued.
Kerry expects joint work with the business to support it in accelerating its innovation capabilities in enzyme engineering, fermentation and bio-process development.
The purchase of the majority stake in c-LEcta follows its acquisition of Enmex on December 14 for EUR62 million.
Enmex is a Mexico-based enzyme manufacturer, Kerry said.
The company hopes that the business will extend its fermentation and enzyme manufacturing capabilities into Latin America.
Kerry Group called the purchases "significant strategic biotechnology acquisitions."
Shares in Kerry Group were up 1.8% at EUR107.65 each on Tuesday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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