By Ian Walker

Kerry Group PLC said Wednesday that it has started talks to sell its sweet ingredients portfolio to Advent International Corp's portfolio company, IRCA, for 500 million euros ($536.7 million) as it focuses on the taste and nutrition business.

The Ireland-based food company said that if the sale proceeds it will use the money raised for general corporate purposes and the continued development of the taste and nutrition business.

Any sale is conditional upon the relevant regulatory approvals as well as routine closing adjustments, Kerry said.

The sweet ingredients business contributed revenue of EUR405 million and earnings before interest, taxes, depreciation and amortization of EUR41 million in 2022.

"This transaction would represent another strategic development in Kerry's evolution, as we continue to look to enhance and refine our taste & nutrition portfolio, aligned to the areas where we can create the most value," Chief Executive Edmond Scanlon said.

If agreed the sale is expected to close in the first half of this year.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

January 11, 2023 09:27 ET (14:27 GMT)

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