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    KRZ   IE0004906560

KERRY GROUP PLC

(KRZ)
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Kerry Group to Acquire Niacet for $1.01 Billion

06/21/2021 | 12:49am EDT

By Adria Calatayud

Kerry Group PLC said Monday that it has agreed to acquire Hare Topco Inc., trading as Niacet Corp., for 853 million euros ($1.01 billion), as it seeks to strengthen its food protection and preservation strategy.

The deal comes after the Irish nutrition company last week agreed to sell its consumer foods' meats and meals business in the U.K. and Ireland to Pilgrim's Pride Corp. for EUR819 million. Kerry said the addition of Niacet, which provides technologies for preservation and has strong positions in the bakery and pharma markets, will allow it to offer new products and technologies in a broader market.

Kerry said the acquisition will be accretive to sales growth and margins and is expected to benefit adjusted earnings from its first year. For 2021, Niacet is expect to generate earnings before interest, taxes, depreciation and amortization of around $66 million on revenue of around $220 million, Kerry said.

Niacet has customers in 75 countries and key manufacturing sites in Niagara Falls in the U.S. and in Tiel, the Netherlands, the buyer said.

The deal is expected to close by the end of the third quarter of 2021, subject to customary closing conditions and regulatory approvals, Kerry said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

06-21-21 0249ET

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Financials
Sales 2021 7 296 M 8 587 M 8 587 M
Net income 2021 620 M 730 M 730 M
Net Debt 2021 1 679 M 1 976 M 1 976 M
P/E ratio 2021 33,3x
Yield 2021 0,76%
Capitalization 21 996 M 25 875 M 25 889 M
EV / Sales 2021 3,25x
EV / Sales 2022 3,10x
Nbr of Employees 26 000
Free-Float 88,2%
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Mean consensus BUY
Number of Analysts 14
Last Close Price 124,40 €
Average target price 126,06 €
Spread / Average Target 1,34%
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Managers and Directors
Edmond Scanlon Chief Executive Officer & Executive Director
Gerry Behan Global President & Executive Director
Marguerite Larkin Chief Financial Officer & Executive Director
Philip Toomey Chairman
Brenda L'Estrange Global Chief Information & Process Officer
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