USA – Kerry, the global taste & nutrition and consumer foods group, has announced it has reached agreement to acquire Fleischmann’s Vinegar Company Inc and AATCO Food Industries LLC.
According to the company, these acquisitions further expand the Group’s foundational technology portfolio, as well as strengthening its foodservice and developing markets positioning, in line with its strategic growth priorities.
Fleischmann’s Vinegar Company, Inc is a USDA certified all-natural producer of specialty ingredients that further support Kerry’s taste and clean label strategies across a number of End Use Markets.
It is headquartered in California and has manufacturing facilities in Washington, New York, Maryland, Illinois, Missouri, Alabama and California.
AATCO Food Industries LLC is a leading provider of culinary sauces to the foodservice channel.
Headquartered in Muscat, Oman with manufacturing facilities in Sohar, Oman, Jeddah, Saudi Arabia and Nashik, India.
AATCO Food Industries provides a platform for business development in the Middle East and Africa.
Total consideration for the acquisitions is expected to be US$414.5 million.
These acquisitions have annualised revenues of approximately US$170 million.
The Group will finance the acquisitions from existing lines of credit and it is anticipated that the transactions will be completed prior to yearend, subject to routine regulatory and closing conditions.