Food group Kerry has bought two more North American food ingredients businesses - Custom Industries and Nuvex Ingredients - for a total of $83m. The two businesses have annual revenues of $83.7m.
Custom Industries makes ingredients for the bakery and ready-to-eat cereal markets, and confectionery ingredients for sweet goods. It operates from two facilities located in Missouri in the US and Toronto in Canada.
Nuvex Ingredients operates from Minnesota in the US and specialises in customised high-protein and fibre nutritional lines.
'The acquisition of Custom Industries and Nuvex Ingredients is consistent with our strategy of investing in and expanding the group's technical capabilities in nutritional and wellness food categories,' commented Group CEO Hugh Friel.
Shares in Kerry closed five cent higher at €19.60 in Dublin this evening.
