(Sharecast News) - Irish food company Kerry Group has reached an agreement to acquire roughly 92% of biotechnology firm c-LEcta for €137.0m.
Kerry Group said on Tuesday that the "strategically compelling combination" will accelerate its innovation capabilities in enzyme engineering, fermentation and bioprocess development, while its "broad market reach" across food and pharma markets, combined with its deep enzyme applications expertise and integrated ingredient technology design, will enable and accelerate the growth potential of c-LEcta's strong portfolio and technology capabilities.
The London-listed firm added that the acquisition will further support its commitment to invest in the development of innovative sustainable technologies, which will be at the heart of future sustainable food and health systems.
Kerry Group noted that the purchase follows its €62.0m acquisition of Enmex on 14 December.
As of 0850 GMT, Kerry Group shares were up 2.22% at €108.05 each.
Kerry (KYGA)