By Michael Susin

Kerry Group PLC said Tuesday that it has acquire the Chinese flavoring company Greatang Orchard Food for an initial consideration of 720 million yuan ($100.8 million) to boost its positioning in China.

The Ireland-based food company said that the Shanghai-headquartered business is expected to report a revenue of around CNY300 million in 2023.

The deal includes potential additional payments of up to CNY780 million, payable across the next three years on conditions being met.

"This acquisition strongly complements Kerry's leading authentic taste position in China, broadening and deepening its capability and portfolio of local taste solutions in the region, most notably in the significant foodservice hotpot market," it added.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

August 01, 2023 08:30 ET (12:30 GMT)

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