Kerry to acquire AATCO and Fleischmann’s for 365m euros

Ireland-based food ingredients company Kerry Group has agreed to acquire Fleischmann’s Vinegar Company and AATCO Food Industries in a deal worth approximately €365 million.

California-based Fleischmann’s Vinegar Company produces a range of speciality ingredients such as balsamic vinegar, apple cider vinegar and wine vinegar, and Kerry claims that the company’s product portfolio complements its existing clean-label product portfolio.

Meanwhile, Oman-based AATCO Food Industries makes a range of culinary sauces for customers in the foodservice sector, and Kerry says the acquisition of the company will provide it with a platform to expand in the Middle East and Africa.

Combined, the two companies have approximate annual revenues of €150 million.

Kerry claims that the deals will boost its technological capabilities and strengthen its position in the foodservice sector and developing markets.

Kerry will finance the acquisitions through its existing lines of credit, and estimates that the transactions should be closed by the end of its financial year.