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Kerry Group PLC - Tralee, Ireland-based nutrition products - Buys business-to-business powdered cheese business from US food company Kraft Heinz Co. Transaction of $107.5 million includes acquisition of 62 employees and one manufacturing facility at Albany, Minnesota.
Announcement comes one day after Kerry released a survey among 8,790 consumers across 16 countries inferring an opportunity for innovation in cheese-flavoured snacks.
Deal is expected to be completed in the second half of 2022, subject to regulatory approvals.
Kerry's current stock price: €103.25, down 1.5% on Tuesday
12-month change: down 16%
Kraft Heinz's current stock price: $37.94
12-month change: up 5.0%
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