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Kerry Acquires Agilex Flavors, Announces Nine-month 2010 Results
Posted: November 4, 2010
Kerry Ingredients & Flavours has acquired the flavor activities of Agilex, boosting its activities in sweet, fruit and brown flavors in health and wellness categories such as nutritional, beverage, bakery and confectionery.
The news comes as Kerry announced that sales revenue for the first nine months of 2010 increased by 8.7%, reflecting like-for-like growth of 3.5%. Results were driven by improvement in ingredients and flavors activities.
According to the company, Kerry Ingredients & Flavours’ end-use-markets remained strong in all regions. While raw material inputs climbed, business volumes and trading profits grew.
The Americas grew 5.2%, led by savory and dairy culinary systems, notably in premium meals. Kerry also experienced strong growth from global processors in the meat sector. Dairy applications were weak. New product development in the cereal category boosted growth, while sweet applications dipped "due to an early end to the ice cream season." Beverage systems results were driven by flavor modulation innovations. The company also expanded its presence in the pharmaceutical sector.
In the region of Europe, Africa and the Middle East, growth reached 4.3%, driven by reduced fat and sodium and clean label savory and dairy systems. Meat market results were healthy, despite costs. Sweet technologies benefited from a good ice cream season. The cereal category was weak. Beverage systems and flavors were boosted by increased natural product and sweet modulation demand.
Kerry notes that "the group remains on track to deliver mid-teen growth in adjusted earnings per share for the full year."