Adams Food Ingredients Acquires FoodTec UK for £1.2m
30 Jul 2014 --- Adams Food Ingredients (AFI) has acquired ingredients firm FoodTec UK from Dairy Crest for £1.2m. AFI, which is owned by the Irish Dairy Board and is the sister company to Adams Foods, is an ingredients specialist which formulates and blends food ingredients for UK food manufacturers. FoodTec makes products such as gluten-free, dairy replacement ingredients and specialist nutrition products.
“This acquisition presents exciting opportunities to grow both the AFI and FoodTec businesses in collaboration with existing and new customers across new products, technologies and processes,” said AFI MD Gary Wells. “Through our shared synergies we can add significant value to our customers’ businesses and we look forward to building strong relationships together.”
Commenting on the announcement, Joe Collins, Managing Director of the Irish Dairy Board Dairy Trading & Ingredients division said: “The acquisition is also in-line with IDB’s strategy to invest in growth dairy businesses that deliver strong returns to our members, Ireland’s dairy processors and Irish dairy farmers.”
The Irish Dairy Board (IDB) is an agri-food commercial co-operative which markets and sells dairy products on behalf of its members, Ireland’s dairy processors and the Irish dairy farmer.
The IDB has annualised sales in the region of €2 billion. Headquartered in Dublin, the business employs some 3,000 people globally. It is responsible for exporting circa 60% of Ireland’s dairy products to over 100 countries.
Adams Foods produces brands such as Pilgrims’ Choice, Kerrygold and Mu.
