The Irish food Group, Kerry is acquiring leading Indian and Thai chilled ready curry supplier, Noon Products, for £124 million. Founder and Chairman of Noon Products, Sir Gulam Noon, however, would continue to preside over the company in the same position as a non-executive chairman.
Noon Products produces an impressive 2 million ready meals per week from three of its advanced factory setups in Southall, arriving at a yearly income of around £100 million. Lately, Noon Products has incorporated Moroccon dishes to its myriad Indian, Mexican, Thai, Oriental meals and snacks collection.
Talking about Noon getting married with Kerry, Sir Ghulam said, “Smaller companies like Noon will join with larger ones in the future. A lot more consolidation will take place to gain technological knowledge and international exposure.”
Meanwhile, the buyer company, Kerry, viewed Noon’s purchase as an extension of its ready-to eat food division, as its popular Asian food variety would receive a boost with Noon’s acquisition. Kerry’s director of corporate affairs, Frank Hayes, explained, “This acquisition consolidates our position as leaders in the fast-growing Asian sub-category. People are looking for authentic, restaurant-quality foods and these meals meet the needs of both supermarkets and consumers.”
Concurrently, Ghulam’s health firm, Neutrahealth in which he has 10.7 per cent stake, will be taking over herbal health care company, BioCare for £16.1 million.
Posted
on : Wed, 10 Aug 2005 12:55 GMT | Business News
By : Paula Jenkins
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