(Adds CEO quotes, details on division being sold)
DUBLIN, June 17 (Reuters) - Irish food firm Kerry Group Plc
said on Thursday it would sell its British and Irish
Consumer Foods’ Meats and Meals business to U.S. poultry
producer Pilgrim's Pride Corp for 819 million euros
($975 million).
The division, whose brands include Richmond, Denny and
Galtee, earned profit before tax of 63 million euros ($75
million) last year on revenue of 828 million euros ($986
million), Kerry said. Pilgrim's Pride is one of the largest U.S.
poultry producers.
"Kerry Group plc today announces that it has reached
agreement to sell its Consumer Foods’ Meats and Meals business
in the UK and Ireland to Pilgrim’s Pride Corporation for a cash
consideration of 819 million euros subject to routine closing
adjustments," the statement said.
The sale allows Kerry to focus more on its core ingredients
solutions business, Kerry Chief Executive Edmond Scanlon said.
"This transaction further enhances Kerry’s focus as a
leading business to business ingredient solutions provider for
the food, beverage and pharmaceutical markets," Scanlon said.
Pilgrim’s Pride CEO Fabio Sandri said the deal would allow
it to position itself as a "leading prepared foods and branded
products player."
The division employs 4,500 people, the Kerry statement said.
($1 = 0.8402 euros)
($1 = 0.8399 euros)
(Reporting by Conor Humphries; Editing by Leslie Adler and
Peter Cooney)