Kerry Group has completed first phase of its €500 million divesture of Kerry Dairy Ireland to Kerry Co-Operative Creameries.

The move follows the group's announcement in November to divest the dairy manufacturer, reporting net sales of €1.28 billion and EBITDA of €53.4 million for the previous year.

As part of the deal, which was completed on 31 December 2024, Kerry redeemed and cancelled the co-op's entire shareholding of 19 million ordinary shares, reducing the company's issued share capital by approximately 2.9 million shares.

The sale will occur in two phases, with phase one now complete, marking the co-op’s initial acquisition of 70% of Kerry Dairy Ireland. Under the terms of the agreement announced in November, the group will retain a 30% stake, which the co-op may purchase in the future, to ensure full ownership.

Edmond Scanlon, CEO of Kerry Group, said: "Today marks a significant step in Kerry's history, becoming a pure play global business to business taste and nutrition company, with sustainable nutrition at its core, while also supporting our financial objectives of continued market outperformance, strong margin progression and delivering greater returns for our shareholders."

"I would like to recognise the Kerry Dairy Ireland employees for their contribution to Kerry over the years and wish them the very best in the future.”

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