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Kerry Group confirms offer for Newmarket Co-operative Creameries Limited

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Kerry Group confirms offer for Newmarket Co-operative Creameries Limited

Kerry Group confirms offer for Newmarket Co-operative Creameries Limited
August 18
09:57 2010

Kerry Group, the global ingredients & flavours and consumer foods group, today confirmed the terms of its offer to acquire the entire issued share capital of Newmarket Co-operative Creameries Limited for a price of €421 per share.

The offer values the entire issued ordinary share capital plus debt of Newmarket Creameries at approximately €33m.

Newmarket Creameries, located in North Cork, is a leading manufacturer of cheese from a state-of-the-art cheese production facility. With an annual manufacturing capacity in excess of 35,000 tonnes Newmarket is a major supplier of cheese to Kerry Group’s branded cheese business.

Stan McCarthy, Kerry Group Chief Executive

Commenting on the offer Stan McCarthy, Kerry Group Chief Executive said: “Kerry has market leading cheese technology capability and a leading cheese brand portfolio including its Charleville, Coleraine, Low Low and Cheestrings brands. The Group has a long-standing business relationship with Newmarket Creameries and high regard for Newmarket cheese-making competency”. “Combining Kerry and Newmarket represents a positive growth and business development opportunity in the interest of all stakeholders in both companies” he added.

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