DUBLIN (Reuters) - Kerry (I:KYGa) has agreed to spend $735 million to buy three U.S. firms to boost its flavouring, beverage and health product lines, adding around $300 million in annual revenue, the Irish company said on Thursday.
One of the largest suppliers of food ingredients with 24,000 employees in 120 countries, Kerry said it would buy Wisconsin-based Red Arrow Products, a supplier of smoke flavourings for meat as well as Island Oasis, which supplies beverages and equipment to the hospitality sector.
It will also buy Wellmune business from Biothera, which makes products targeted at boosting people's immune systems.
Kerry, said the three firms earned a combined $59 million in earnings before interest, taxation, depreciation and amortisation in financial 2014.
Kerry will finance the acquisitions from existing lines of credit. Its shares were up 1.5 percent at 1255 GMT, compared to an increase of 1.1 percent on the Irish market (ISEQ).