StockMarketWire.com - Food company Kerry said it had reached an agreement to sell its consumer foods meats and meals business in the UK and Ireland to Pilgrim's Pride for €819 million (£704 million).

The meats business manufactures branded and private label meats, meat snacks, food-to-go and meat-free products in the UK and Ireland.

The meals business primarily serves the UK market and specialises in authentic ethnic chilled and frozen ready meals, multi-cuisine ready to cook ranges, and home delivery meals under the Oakhouse brand.

The proceeds from the sale would be used for general corporate purposes and the continued strategic development of the taste & nutrition business.

'Following today's announcement, we will separate and realign the remaining dairy-related activities within the consumer foods business,' the company said.

'The strategic review of the dairy business has been completed and there will be no disposal of the dairy business at this time,'' it added.





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