Kerry Group Acquires US Tech Company Ganeden
Ireland-based food firm Kerry Group has announced the acquisition of US technology firm Ganeden.
The firm, which is based in Cleveland, Ohio, is focused on patented probiotics and related technologies, and has annual revenue of approximately $25 million.
Kerry Group says that Ganeden's work in the areas of food, beverage, nutrition and personal care will be extended into wider applications across Kerry's global developed and developing markets.
Meanwhile, the group also said that it has adjusted its medium-term growth targets, and expects to deliver over 10% adjusted earnings per share growth annually over the next five year cycle.
The company expects this to be delivered through 'above industry-average' volume growth and continued business margin expansion.
“Kerry Group has a unique scalable business model which I am confident can deliver the continued organic growth of the business across developed and developing markets as planned," said Edmond Scanlon, CEO of Kerry Group.
"We are in a strong position to lead the continued consolidation of our industry benefiting from the group’s strong balance sheet, scalable business model and geographic footprint."