Kerry to sell Meats & Meals business for €819 M

The Meats and Meals business is a best-in-class provider of convenience food solutions, with leading brands and longstanding relationships with major retailers

Ireland-based Kerry Group plc recently announced that it has reached agreement to sell its Consumer Foods’ Meats and Meals business in the UK and Ireland to Pilgrim’s Pride Corporation for a cash consideration of €819 million (£704 million) subject to routine closing adjustments. The Meats and Meals business is a best-in-class provider of convenience food solutions, with leading brands and longstanding relationships with major retailers.

The Meats business is a leading manufacturer of branded and private label meats, meat snacks, food-to-go and meat-free products in the UK and Ireland. Its brands include Richmond, Denny, Galtee, Fridge Raiders, and Rollover.

The Meals business primarily serves the UK market and specialises in authentic ethnic chilled and frozen ready meals, multi-cuisine ready to cook ranges, and home delivery meals under the Oakhouse brand.

The proceeds from the sale will be used for general corporate purposes and the continued strategic development of the Taste & Nutrition business. The transaction is expected to close in the final quarter subject to customary closing conditions and regulatory approvals. Following today’s announcement, we will separate and realign the remaining dairy-related activities within the Consumer Foods Business. The strategic review of the dairy business has been completed and there will be no disposal of the dairy business at this time.