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Kerry Group Sells Consumer Foods' Meats And Meals Business To Pilgrim's Pride For €819 Mln

Kerry Group plc (KYGA.L), on Friday, said it has agreed to sell its Consumer Foods' Meats and Meals business in the UK and Ireland to Pilgrim's Pride Corp. (PPC) for a cash consideration of €819 million, subject to routine closing adjustments.

The financial results for the year ended 31 December 2020 attributable to the business were revenue of €828 million, EBITDA of €86 million, profit before tax of €63 million, and gross assets of €521 million.

Kerry noted that it would use the sale proceeds for general corporate purposes and the continued strategic development of the Taste & Nutrition business. The deal is expected to close in the final quarter subject to customary closing conditions and regulatory approvals.

Further, Kerry stated that it would 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," Kerry Group said.

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