Kerry Group PLC - Tralee, Ireland-based food ingredients maker - Buys Shanghai Greatang Orchard Food Co Ltd for an initial CNY720 million, about EUR91 million, with additional payments based on performance of up to CNY780 million. The Shanghai-based company has 120 employees and is expected to have CNY300 million, about EUR38 million, in revenue in 2023. It produces "taste solutions" for local foodservice chains and the meals and snacks markets in China. Kerry said the acquisition complements its own "authentic taste position" in China, particularly in the "significant foodservice hotpot market".
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By Tom Waite, Alliance News editor
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