LONDON, UK: Kerry Group plc, the global taste and nutrition company, has announced that it has acquired Shanghai Greatang Orchard Food Co., Ltd., a leading producer of local authentic and innovative taste solutions for the foodservice and meals and snacks markets in China.
The deal, which was completed on 31st July 2023, will strengthen Kerry’s position in China, especially in the significant foodservice hotpot market, where Greatang has a strong presence. Greatang’s expertise will also enhance Kerry’s capability as an innovation partner for local and international customers in China.
The initial consideration for the acquisition is RMB720 million (€91 million), with potential additional payments of up to RMB780 million (€99 million) payable across the next three years if certain performance conditions are met. The business is headquartered in Shanghai with about 120 employees and is expected to deliver full year 2023 revenue of approximately RMB300 million (€38 million).
Kerry Group is a global leader in taste and nutrition, serving the food, beverage and pharmaceutical industries with innovative solutions that help consumers live better, healthier and more sustainable lives. Kerry Group operates in more than 50 countries and regions, with over 26,000 employees.
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