Kerry has agreed to pay an initial consideration of RMB720m (€91m), with the possibility of additional payments of up to RMB780m (€99m) over the next three years
Kerry Group plc announced the acquisition of Shanghai Greatang Orchard Food Co., Ltd, a global taste and nutrition company. Shanghai Greatang Orchard Food Co., Ltd is a company headquartered in Shanghai and has around 120 employees. It specialises in creating authentic and innovative taste solutions for local food service chains, as well as the meals and snacks markets. In the year 2023, the company is expected to generate revenue of roughly RMB300 million (€38m).
This acquisition is an excellent fit for Kerry, as it strengthens the company's leading position in China's authentic taste market. Greatang's expertise and capability in local taste solutions, particularly in the food service hotpot market, will broaden and deepen Kerry's portfolio in the region. It will also enhance Kerry's strategic positioning and ability to serve as an innovation partner for local and international customers in China.
Kerry has agreed to pay an initial consideration of RMB720m (€91m), with the possibility of additional payments of up to RMB780m (€99m) over the next three years, subject to certain performance conditions being met.
