Belfast Telegraph

Food giant bids for more growth after US purchase

By John Mulligan

Food giant Kerry Group, which owns major food operations in Northern Ireland, has raised its medium-term growth targets and confirmed that it has acquired US-based probiotics firm Ganeden.

The Irish business owns Henry Denny & Sons in Portadown, Golden Cow in Craigavon and Dairy Produce Packers in Coleraine, makers of Coleraine Cheddar.

Kerry chief executive Ed Scanlon told investors yesterday that the group plans to deliver in excess of 10% per annum growth in adjusted earnings per share over the next five years.

"This will be delivered through achievement of above industry-average volume growth and continued business margin expansion.

"We expect to achieve 3% to 5% volume growth annually on a group-wide basis, with taste and nutrition targeting 4% to 6% growth, and consumer foods targeting 2% to 3% growth."

He also confirmed the acquisition of Ohio-based Ganeden.

Belfast Telegraph