Kerry Group is to buy Colombian food technology company Proexcar S.A.S.

The Irish taste and nutrition giant is to pay $44m for all of the business.

An additional payment of up to $18m may be payable in 2025 depending on earn-out conditions being met.

Proexcar has "leading natural functional systems technologies" according to Kerry Group.

"This acquisition strengthens Kerry's offering and leadership position within the overall LATAM meat market, while also providing a platform for strategic development within the ANDEAN region," said Kerry in a statement.

Proexcar employs around 120 people.