TRALEE, Ireland – Irish company Kerry agreed to acquire three US companies for $735 million. One of those companies is Red Arrow Products, a supplier of smoke flavorings for meat.
Manitowoc, Wis.-based Red Arrow is a leading supplier of natural smoke flavors and savory grill flavors for the global meat, culinary and food industry markets. The company operates manufacturing facilities in Manitowoc and Rhinelander, Wis. The facilities are supported by Application & Development Centers in Germany and Sweden.
“Combined with Kerry's recent acquisition of Wynnstarr Flavors and KFI Savoury (the US based savory business of Kraft Food Ingredients), the acquisition of Red Arrow will further strengthen Kerry's taste, technology and savory flavor industry leadership,” the company said in a news release. “The acquisition, subject to regulatory approval, is expected to complete in early December.”
Kerry, one of the largest suppliers of food ingredients with 24,000 employees in 120 countries, said the acquisitions will add approximately $300 million in annual revenue. For the six months ended June 30, the company reported group revenues of 3 billion euros with an 8.1 percent increase in adjusted earnings per share.
In addition to Red Arrow, Kerry said it will acquire the Island Oasis beverage business and Wellmune, a company that produces immune-boosting products.
“The acquisitions of Red Arrow, Island Oasis and Wellmune, as well as significantly expanding our taste and nutritional solutions portfolio, bring a number of important innovative technology platforms to Kerry,” said Stan McCarthy, Kerry Group CEO. “Complementing our existing taste and nutrition leadership positioning and growth strategies, the businesses being acquired present tremendous growth opportunities throughout Kerry’s global developed and developing markets.”