Cargill Inc. on Dec. 1 sold its global flavors business to Ireland’s Kerry Group for $230 million. The unit had sales of approximately $200 million and employs 700 people in application centers in the U.S., France, the UK, South Africa, India, Malaysia, China, Puerto Rico, Mexico and Brazil, plus sales offices in 12 other countries.
The companies had announced in July 2011 they were holding exclusive discussions, and a definitive sales agreement was signed on Sept. 22. Having obtained clearance from competition authorities, Cargill and Kerry have now concluded the transaction.
The unit provides flavors and ingredients for beverage, dairy, sweet and savory categories.