AGM Press Announcement
Kerry Group PLC
29 May 2001
Kerry announces further development initiatives and Board changes
Kerry Group plc - Annual General Meeting - 29 May 2001
Kerry, the global food ingredients and consumer foods group, announces a
range of strategic bolt-on acquisitions undertaken to-date in 2001. Speaking
at the Group's Annual General Meeting, Denis Brosnan, Managing Director, said
that the acquisitions at a cost of EURO 62.6 million are in food industry
growth segments including flavours, seasonings and nutritional markets where
Kerry continues to expand its global presence and technical leadership. He
added that the businesses with a combined turnover of EURO 51.2 million and
earnings before interest, taxation, depreciation and amortisation (EBITDA) of
EURO 6.5m in year 2000, combined with Kerry's existing technologies, will have
access to broader product applications through the Group's diversified client
base and accordingly can grow significantly across Kerry's international
markets. 'Kerry has already gained market leadership in coatings, seasonings,
speciality ingredients and sweet ingredients and is now focused on
capitalising on this broad food technology base by expanding its presence in
global flavours markets and in the fast growing nutrition sector, particularly
in the areas of infant nutrition, clinical nutrition and health promoting
products'.
Acquisitions
Initiatives undertaken since year end include;
Alferi Laboratories Inc.
The acquisition of Alferi Laboratories Inc., based in Little Chute, Wisconsin,
enhances Kerry's position as a leading supplier of meat seasonings to the US
foodservice and prepared foods markets. Founded in 1921, Alferi has a
long-standing reputation of providing innovative, customised seasonings and
liquid sauce systems for customer applications in the processed meats,
foodservice and prepared foods industries. Operating from a manufacturing
facility near Appleton, Wisconsin, the business employs 52 people in sales,
operations, administration and research and development.
Corol S.A.
The addition of Corol S.A., a specialist provider of a range of savoury and
functional ingredients based in Meaux near Paris, represents a considerable
boost to Kerry's position in the French foodservice industry. Complementing
the Kerry Jaeger range of products, the acquisition of Corol also extends the
Group's market position into the expanding healthcare sector.
Creative Seasonings & Spices Inc.
The acquisition of Creative Seasonings & Spices Inc with state-of-the-art
processing and technical development facilities located in Sturtevant,
Wisconsin, further strengthens Kerry's capability in development of seasoning
blends and flavour systems for application in the prepared foods, processed
meats, snack and dairy industries in the USA. Employing 37 people, the
business has a proven track record of double-digit annual growth since its
establishment.
Iowa Soy
Iowa Soy, comprising Iowa Soy Specialities LLC and Speciality Proteins LLC
with two production facilities located in Vinton, Iowa, produces low-fat,
low-fibre soy flour and low-fat soy grits as well as textured soy protein for
use by the health and nutritional foods industries in the USA. The acquired
business together with Kerry's existing lines of Solnuts branded soynut
products provide strong growth opportunities through extension of the unique
technologies to other fast growing areas of the dynamic nutritional food
industry.
San Giorgio Flavors
Kerry has also reached agreement in principle with the Pernod Ricard Group to
acquire the entire issued share capital of San Giorgio Flavors, a leading
speciality technology company in the international flavour industry. San
Giorgio Flavors is the leading Italian manufacturer of food and beverage
flavours, with a portfolio of some 2000 flavours extending to both savoury and
sweet consumer food segments. Operating from two manufacturing facilities in
Turin, Italy, San Giorgio employs 87 people including an experienced 29-member
R&D team, and has a strong record of growth and technical achievement in the
beverage, confectionery and savoury product industries. While its core market
is Italy, the company has expanded sales to 35 countries across Asian and EU
markets.
Board Changes
The Board of Kerry Group is pleased to announce the appointment of Kevin J
Kelly (aged 59) as non Executive Director with effect from 1 June 2001. Mr.
Kelly retires from his position as Managing Director AIB Bank in June, having
joined the bank in 1992 as Group Financial Director after a distinguished
career as a chartered accountant. He was a Managing Partner of Coopers &
Lybrand (Ireland) from 1982 to 1989. In 1983, he was appointed Executive
Chairman of the PMPA Insurance Company by the Irish Government. From 1989 to
1991 he was Group Chief Executive of Agra Group.
Chairman Mr. Michael Hanrahan paid tribute to Dr. Ivor Kenny, who retires from
the Board on 29 May 2001, for his outstanding contribution to the Board of
Kerry Group.
Outlook
Speaking at the A.G.M., Denis Brosnan said that Group performance to-date and
the outlook for the year are in line with expectations. He added that Kerry
will continue to build on its core technologies, while developing leadership
positions in the flavour and nutrition sectors, and is focused on further
development and acquisition opportunities to capitalise on the Group's global
resources.
For further information please contact:
Frank Hayes,
Director of Corporate Affairs,
Kerry Group plc.
Telephone: + 353 66 7182304
Fax: + 353 66 7182972
Email: corpaffairs@kerry.ie
Website: www.kerrygroup.com
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