Cork dairy and ingredients firm Carbery Group has agreed a deal to buy US flavouring supplier Innova Foods for an undisclosed sum from Griffith Foods Worldwide.
The company, which has a particular expertise in savoury flavourings, will be added to Carbery's Synergy ingredients division.
Innova's manufacturing facilities are based in the Chicago area, as is the headquarters of Synergy US.
Known in the US for its sweet flavours, extracts and essences, Carbery said the strategic purchase expands the savoury capabilities of Synergy US and complements Synergy's offerings worldwide.
The acquisition is also another significant business development for the company after it also opened its expanded cheese facility towards the end of 2020 and a diversification into producing mozzarella for international markets.
Jason Hawkins, chief executive of Carbery Group, said that the business was resilient throughout Covid-19, Brexit and the challenges of the last few years.
"Stability is important for us, but we also need to consider strategic opportunities for us to grow, to strengthen our offerings for our customers and maximize what we can deliver for our shareholders," Mr Hawkins said.
"Acquiring Innova Flavors will enhance our business in the US, but also in Asia and Central and South America. The deal will bring opportunities right across our platforms of dairy, taste and nutrition," the CEO added.
