Kerry Group has announced that it has finalised the €853m acquisition of American preservative makers Niacet.
Niacet produces low-sodium preservation systems for meat and plant-based food. These systems preserve freshness, extend shelf life and reduce food waste, which meet consumer and market demands globally.
The increased selection of preservation solutions and food protection systems available to Kerry Group will contribute to the company's drive to solve food protection challenges.
Edmond Scanlon, CEO of Kerry said: “One of the most effective ways to reduce food waste is through preservation where even one extra day of shelf life can have a hugely positive impact.
“We are excited to welcome the Niacet team to Kerry, where the combination of our two businesses have created a global leadership position in the preservation sector.”
Neil Cracknell, president and CEO of Kerry Applied Health & Nutrition, said: “Through this important acquisition, we are combining two great companies who share the same dedication to science and innovation, to develop innovative new technologies for food preservation, pharmaceutical applications and animal nutrition.”
There has been a bounce in share price with Kerry Group PLC which is currently trading at €121.7/share, up from €109.5/share when the purchase of Niacet was announced.