8th Aug 2005 10:07
Kerry Group PLC08 August 2005 News Release 8 August 2005 For immediate release Kerry Foods extends market leadership in premium sector of UK chilled readymeals category through Stg£124m acquisition of Noon Group Ltd Kerry, the global food ingredients, flavours and consumer foods group, todayannounced a major expansion of its chilled ready meals business in the UKthrough the acquisition of Noon Group Limited ("NOON"). Noon is market leader in the development and production of authentic Asianchilled ready meals in the UK. Operating from three modern productionfacilities located in the Great Western Industrial Estate in south-west London,the acquired business produces a range of premium quality Indian, Oriental, Thaiand other Asian and international cuisine ready meals, snacks andaccompaniments, principally for major UK multiple retailers. The totalconsideration for the acquisition is Stg£124m financed through existing lines ofcredit with Group banks. Complementing Kerry Foods' existing chilled ready meals businesses, Noon haswell established relationships with leading UK multiple retail groups and anexcellent reputation for quality, authenticity and innovation in the ethnicsub-category of the fast growing premium sector of the UK chilled ready mealsmarket. Commenting on the acquisition, Hugh Friel, Kerry Group Chief Executive said, "The acquisition of Noon significantly advances Kerry Foods position and marketleadership in the premium segment of the UK chilled recipe meals sector. Noon'scapability to produce a broad range of high quality, authentic cuisine typesentirely from natural ingredients at such scale is testament to the strengthsand potential of this business". "The UK chilled ready meals market valued at Stg£1.4 billion continues toexhibit annual growth rates of 5% to 7% per annum. In particular the premiumsub category of this dynamic UK market sector is achieving high double digitgrowth rates in response to strongly favourable consumer trends towardsincreased convenience, premium quality products and new taste experiences," MrFriel added. - ends - For further information please contact:Frank HayesDirector of Corporate Affairs Tel no +353 66 7182304 Fax no +353 66 7182972Kerry Web Site: www.kerrygroup.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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