Dec 2 2011 --- Cargill can confirm that it has completed the sale of its global flavours business to Kerry, the ingredients & flavours and consumer foods group.

The companies had announced in July 2011 that they were holding exclusive discussions and a definitive sales agreement was signed on September 22nd. Having obtained clearance from competition authorities, Cargill and Kerry have now concluded the transaction.

This deal includes flavours business activities in 22 countries and production facilities in three continents. The sale involves the transfer of around 700 employees to Kerry Group.

The flavours business of Cargill is active internationally in the manufacture and sale of flavours, aroma chemicals and fruit juice compounds and associated research and development. It has no physical presence in the State but is active in the sale of flavours and aroma chemicals to customers located in the State and Northern Ireland. These flavours and aroma chemicals are manufactured by Cargill in the U.S.A and France.

Mid July, Cargill announced the intention to sell its global flavors business to Kerry, the ingredients & flavors and consumer foods group. Both parties entered into exclusive negotiations which culminated in the signing of a definitive sales agreement in September. Cargill Flavor Systems with annual revenues of approximately US$200m is being acquired by Kerry for a consideration of US$230m subject to closing adjustments.