Kerry Group acquires US probiotics ingredient manufacturer Ganeden
Global food company Kerry Group has acquired US-based probiotics ingredient manufacturer, Ganeden, for an undisclosed amount.
Based in Cleveland, Ohio, US, Ganeden holds more than 135 patented technologies in the supplement, food, beverage, and nutrition markets.
Kerry anticipates that the acquisition would enable the company to incorporate these technologies into wider applications across its global-developed and developing markets.
Addressing investors, Kerry Group chief executive Edmond Scanlon explained that the group estimates to deliver in excess of 10% adjusted earnings per share growth on a constant currency basis over the next five-year cycle.
Scanlon said: “This will be delivered through achievement of above industry-average volume growth and continued business margin expansion.
“We expect to achieve 3%-5% volume growth annually on a Groupwide basis, with Taste and Nutrition targeting 4%-6% growth and Consumer Foods targeting 2%-3% growth.”
Kerry further noted that the inclusion of Ganeden will also complement the group’s acquisition of natural food and beverage ingredient producer Wellmune.
Scanlon further added: “Kerry Group has a unique scalable business model which I am confident can deliver the continued organic growth of the business across developed and developing markets as planned.
“We are in a strong position to lead the continued consolidation of our industry benefiting from the Group’s strong balance sheet, scalable business model, and geographic footprint."