Cargill, Inc., a global food, agriculture, financial and industrial products company, announced today that it has agreed to sell its protein business to Kerry Group plc, a global taste and nutrition company, for $1.2 billion. The sale is expected to close in the second half of 2023.
Cargill's protein business includes a portfolio of ingredients and products used in a variety of food and beverage applications, including meat, poultry, dairy, bakery, snacks, and beverages. The business has approximately 2,000 employees and operates in 15 countries.
"This sale is a strategic move for Cargill as we focus on our core businesses," said David MacLennan, Cargill's chairman and CEO. "Kerry is a strong partner with a deep understanding of the protein market, and we are confident that they will be a good steward of this business."
Kerry is a global leader in taste and nutrition, with a portfolio of over 20,000 ingredients and products. The company has a strong track record of innovation and growth, and is well-positioned to capitalize on the growing demand for protein-rich foods.
"We are excited to acquire Cargill's protein business," said Fergal O'Shea, Kerry's CEO. "This business is a great fit for our strategy, and will help us to meet the growing demand for protein-rich foods around the world."
The sale of Cargill's protein business is part of the company's ongoing effort to focus on its core businesses. In recent years, Cargill has divested itself of a number of non-core businesses, including its ethanol business and its animal feed business.
The sale of Cargill's protein business is expected to generate $1.2 billion in cash proceeds for the company. Cargill plans to use the proceeds to invest in its core businesses and to return capital to shareholders.
People also ask
⚐ What are the top stocks to invest in right now?☵ What happens to stocks when they're delisted?