Kerry Group confirms terms of offer for Newmarket Creameries

By Elaine Watson

- Last updated on GMT

Kerry Group has confirmed the terms of its offer to buy Cork-based cheese maker Newmarket Co-operative Creameries in a €33m deal.

With an annual manufacturing capacity of more than 35,000t, Newmarket is a major supplier of cheese to Kerry’s branded cheese business.

Co. Kerry-based Kerry, which is a leading supplier of chilled convenience foods, cheese and cheese snacks such as Cheestrings, ingredients and flavours, said the deal was contingent upon approval from the Irish competition authorities (as well as Newmarket's shareholders).

Chief executive Stan McCarthy said: "The group has a long-standing business relationship with Newmarket Creameries and high regard for Newmarket’s cheese-making competency.”

A spokesman told that buying Newmarket made strategic sense for Kerry, which had had a "close working relationship with the dairy co-op for many years".

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