Kerry Group shareholders have voted in favour of selling its dairy business to Kerry Co-Op Creameries.
Kerry Co-Op will initially acquire a 70% interest in Kerry Dairy Ireland, while Kerry Group will retain a 30% interest, which will transfer between 2030 and 2035.
"It is the end of one chapter, and the beginning of a new one, where both Kerry Group, and Kerry Dairy Ireland, will each be strongly positioned for success into the future, while each business will retain the heritage, and the core values that have made them what they are today," the group said in a statement today.
Kerry Co-op and Kerry Group are two separate entities which have existed in parallel - both reliant and dependent on each other.
Kerry Co-op provided the initial investment, the seed capital. Kerry Group was the massive wealth-generating vehicle which Kerry Co-op created.
Kerry Co-op was established to process the milk of dairy farmers in Kerry in January 1973.
