Milling & Baking News - June 29, 2021 - 16

FRITO-LAY
TUES | 06 29 202 1
Expanding in baking, Kerry to
acquire Niacet for $1 billion
TRALEE, IRELAND - Kerry Group PLC
on June 21 announced it has reached an
agreement to acquire Hare Topco, Inc.,
which does business as Niacet Corp., from
an affiliate of investment funds advised by
SK Capital Partners and other shareholders.
Kerry said it will pay €853 million
($1.016 billion).
Based in Niagara Falls, NY, Niacet specializes
in preservation technologies and
is a category leader in the baking and pharmaceutical
segments, Kerry said. The company
also offers low-sodium preservation
systems for meat and plant-based foods.
Niacet products in baking preservation
and quality enhancement include calcium
propionate, sodium propionate, the Proniaturel
line of antimicrobial additives,
calcium stearoyl lactylate, calcium acetate
and potassium propionate.
Kerry described Niacet's financial profile
as attractive. In 2021, the company is
expected to generate sales of $220 million
and EBITDA of $66 million, which would
equate to an EBITDA margin of about 30%.
Excluding synergies, Kerry said it is paying
15.4 times projected EBITDA.
Once the transaction is completed,
Niacet will be integrated into the food
protection and preservation platform of
Kerry. The acquisition will boost Kerry's
food protection and preservation strategy,
allowing the company to " offer new
products and technologies in a broader
highly experienced management team. "
Kerry said the acquisition will enhance
its ability to meet customer needs across
clean label and conventional solutions.
Niacet's large presence in conventional
organic acids represents a valuable complement
to Kerry's strong position in
clean label.
Increasing consumer interest in food
safety and a rising concern about the environmental
impact of food waste also made
Niacet attractive, Kerry said.
Kelly Brannen, CEO of Niacet and a significant
minority shareholder in the business,
said Niacet has built a strong track
record since the company was acquired by
his family in 1978.
Commenting on Niacet's partnership
market. " Kerry said " revenue synergies "
will allow the Niacet business to grow at
a mid- to high-single-digit volume rate.
Kerry said the acquisition will boost its
margins and will be accretive to adjusted
earnings per share in the first year.
" The acquisition of Niacet's complementary
product portfolio enhances our
leadership position in the fast-growing
food protection and preservation market
and significantly advances our sustainable
nutrition ambition, " said Edmond Scanlon,
chief executive officer of Kerry. " Niacet is
a business with market leading positions,
differentiated technologies and a strong and
PepsiCo to invest $200 million in
Frito-Lay Texas plant expansion
PLANO, TEXAS - PepsiCo, Inc.
has announced plans to invest $200
million in its Frito-Lay plant located
in Rosenberg, Texas. As part of the
expansion, PepsiCo said it will add two
manufacturing lines for Funyuns and
tortilla chips, as well as increase capacity
in its warehouse to enhance capabilities
and enable future growth.
PepsiCo currently employs more than
750 full-time plant and fleet associates at the
plant, and the expansion will add 160 new,
full-time jobs. The plant produces more
than 117 million lbs of snacks annually.
" We've called Rosenberg home for
16
MILLING & BAKING NEWS
nearly 40 years, " said Laura Maxwell,
senior vice president of supply chain for
PepsiCo Foods North America. " Throughout
that time, the support of Fort Bend
County has helped us invest in the right
areas so that we can continue to grow and
provide jobs to the community.
The Rosenberg site has the
largest footprint of any Frito-Lay
facility in Texas,
producing snacks for
Texas, Louisiana, Oklahoma,
Kansas and Georgia,
and several other
parts of the country
with SK Capital, Mr. Brannen said, " We have
strengthened and grown the company substantially,
while establishing the next phase
of Niacet's growth. We view the sale to Kerry
as a perfect fit. "
Kerry said the transaction is expected
to close before the end of September and
will be funded by existing liquidity and a
dedicated bridge facility. The latter will
be repaid by proceeds Kerry said it will
receive for its Consumer Foods, Meats and
Meals business, in an €819 million transaction,
as announced June 17.
Kerry's products for the baking industry
include emulsifiers, preservatives,
gum acacia, enzymes and texturants. MBN
when we hit times of peak demand. "
This investment is the second Frito-Lay
has made at Rosenberg since 2019, when the
company announced a $138 million investment
that added a new Cheetos line, new
seasoning and packaging equipment and a
warehouse expansion, set to be completed
later this year.
It is also the second significant expansion
announced by Frito-Lay in the past month.
In May, the company announced
plans to invest $235 million
to expand its snacks manufacturing
and warehouse
plant in Killingly, Conn.
As part of the expansion,
PepsiCo said it will add
two new Cheetos manufacturing
lines. MBN
bakingbusiness.com
http://www.bakingbusiness.com

Milling & Baking News - June 29, 2021

Table of Contents for the Digital Edition of Milling & Baking News - June 29, 2021

Milling & Baking News - June 29, 2021 - Intro
Milling & Baking News - June 29, 2021 - 1
Milling & Baking News - June 29, 2021 - 2
Milling & Baking News - June 29, 2021 - 3
Milling & Baking News - June 29, 2021 - 4
Milling & Baking News - June 29, 2021 - 5
Milling & Baking News - June 29, 2021 - 6
Milling & Baking News - June 29, 2021 - 7
Milling & Baking News - June 29, 2021 - 8
Milling & Baking News - June 29, 2021 - 9
Milling & Baking News - June 29, 2021 - 10
Milling & Baking News - June 29, 2021 - 11
Milling & Baking News - June 29, 2021 - 12
Milling & Baking News - June 29, 2021 - 13
Milling & Baking News - June 29, 2021 - 14
Milling & Baking News - June 29, 2021 - 15
Milling & Baking News - June 29, 2021 - 16
Milling & Baking News - June 29, 2021 - 17
Milling & Baking News - June 29, 2021 - 18
Milling & Baking News - June 29, 2021 - 19
Milling & Baking News - June 29, 2021 - 20
Milling & Baking News - June 29, 2021 - 21
Milling & Baking News - June 29, 2021 - 22
Milling & Baking News - June 29, 2021 - 23
Milling & Baking News - June 29, 2021 - 24
Milling & Baking News - June 29, 2021 - 25
Milling & Baking News - June 29, 2021 - 26
Milling & Baking News - June 29, 2021 - 27
Milling & Baking News - June 29, 2021 - 28
Milling & Baking News - June 29, 2021 - 29
Milling & Baking News - June 29, 2021 - 30
Milling & Baking News - June 29, 2021 - 31
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Milling & Baking News - June 29, 2021 - 55
Milling & Baking News - June 29, 2021 - 56
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https://www.nxtbook.com/sosland/mbn/2016_08_30
https://www.nxtbook.com/sosland/mbn/2016_08_16
https://www.nxtbook.com/sosland/mbn/2016_08_02
https://www.nxtbook.com/sosland/mbn/2016_07_19
https://www.nxtbook.com/sosland/mbn/2016_07_05
https://www.nxtbook.com/sosland/mbn/2016_06_21
https://www.nxtbook.com/sosland/mbn/2016_06_07
https://www.nxtbook.com/sosland/mbn/2016_05_24
https://www.nxtbook.com/sosland/mbn/2016_05_10
https://www.nxtbook.com/sosland/mbn/2016_04_26
https://www.nxtbook.com/sosland/mbn/2016_04_12
https://www.nxtbook.com/sosland/mbn/2016_03_29
https://www.nxtbook.com/sosland/mbn/2016_03_15
https://www.nxtbook.com/sosland/mbn/2016_03_01
https://www.nxtbook.com/sosland/mbn/2016_02_16
https://www.nxtbook.com/sosland/mbn/2016_02_02
https://www.nxtbook.com/sosland/mbn/2016_01_19
https://www.nxtbook.com/sosland/mbn/2016_01_05
https://www.nxtbook.com/sosland/mbn/2015_12_22
https://www.nxtbook.com/sosland/mbn/2015_12_08
https://www.nxtbook.com/sosland/mbn/2015_11_24
https://www.nxtbook.com/sosland/mbn/2015_11_10
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https://www.nxtbook.com/sosland/mbn/2015_07_21
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https://www.nxtbook.com/sosland/mbn/2015_06_23
https://www.nxtbook.com/sosland/mbn/2015_06_09
https://www.nxtbook.com/sosland/mbn/2015_05_26
https://www.nxtbook.com/sosland/mbn/2015_05_12
https://www.nxtbook.com/sosland/mbn/2015_04_28
https://www.nxtbook.com/sosland/mbn/2015_04_014
https://www.nxtbook.com/sosland/mbn/2015_03_31
https://www.nxtbook.com/sosland/mbn/2015_03_17
https://www.nxtbook.com/sosland/mbn/mbn/2015_03__03
https://www.nxtbook.com/sosland/mbn/2015_02_17
https://www.nxtbook.com/sosland/mbn/2015_02_03
https://www.nxtbook.com/sosland/mbn/2015_01_20
https://www.nxtbook.com/sosland/mbn/2015_01_06
https://www.nxtbook.com/sosland/mbn/2014_12_23
https://www.nxtbook.com/sosland/mbn/2014_12_09
https://www.nxtbook.com/sosland/mbn/mbn_2014_11_25
https://www.nxtbook.com/sosland/mbn/2014_11_11
https://www.nxtbook.com/sosland/mbn/2014_10_28
https://www.nxtbook.com/sosland/mbn/2014_10_14
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https://www.nxtbook.com/sosland/mbn/2014_09_16
https://www.nxtbook.com/sosland/mbn/2014_09_02
https://www.nxtbook.com/sosland/mbn/214_08_19
https://www.nxtbook.com/sosland/mbn/2014_08_01
https://www.nxtbook.com/sosland/mbn/2014_07_22
https://www.nxtbook.com/sosland/mbn/2014_07_08
https://www.nxtbook.com/sosland/mbn/2014_06_24
https://www.nxtbook.com/sosland/mbn/2014_06_10
https://www.nxtbook.com/sosland/mbn/2014_05_27
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https://www.nxtbook.com/sosland/mbn/2014_03_18
https://www.nxtbook.com/sosland/mbn/2014_03_04
https://www.nxtbook.com/sosland/mbn/2014_02_18
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https://www.nxtbook.com/sosland/mbn/2014_01_21
https://www.nxtbook.com/sosland/mbn/2014_01_07
https://www.nxtbook.com/sosland/mbn/2013_12_24
https://www.nxtbook.com/sosland/mbn/2013_12_10
https://www.nxtbook.com/sosland/mbn/2013_11_26
https://www.nxtbook.com/sosland/mbn/2013_11_12
https://www.nxtbook.com/sosland/mbn/2013_10_29
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https://www.nxtbook.com/sosland/mbn/2013_09_17
https://www.nxtbook.com/sosland/mbn/2013_09_03
https://www.nxtbook.com/sosland/mbn/2013_08_20
https://www.nxtbook.com/sosland/mbn/2013_08-06
https://www.nxtbook.com/sosland/mbn/2013_07_23
https://www.nxtbook.com/sosland/mbn/2013_07_09
https://www.nxtbook.com/sosland/mbn/2013_06_25
https://www.nxtbook.com/sosland/mbn/2013_06_11
https://www.nxtbook.com/sosland/mbn/2013_05_28
https://www.nxtbook.com/sosland/mbn/2013_05_14
https://www.nxtbook.com/sosland/mbn/2013_04_30
https://www.nxtbook.com/sosland/mbn/2013_04_16
https://www.nxtbook.com/sosland/mbn/2013_04_02
https://www.nxtbook.com/sosland/mbn/2013_03_19
https://www.nxtbook.com/sosland/mbn/2013_03_05
https://www.nxtbook.com/sosland/mbn/2013_02_19
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https://www.nxtbook.com/sosland/mbn/2013_01_22
https://www.nxtbook.com/sosland/mbn/2013_01_08
https://www.nxtbook.com/sosland/mbn/2012_12_25
https://www.nxtbook.com/sosland/mbn/2012_12_11
https://www.nxtbook.com/sosland/mbn/2012_11_27
https://www.nxtbook.com/sosland/mbn/2012_11_13
https://www.nxtbook.com/sosland/mbn/2012_10_30
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https://www.nxtbook.com/sosland/mbn/2012_09_18
https://www.nxtbook.com/sosland/mbn/2012_09_04
https://www.nxtbook.com/sosland/mbn/2012_08_21
https://www.nxtbook.com/sosland/mbn/2012_08_07
https://www.nxtbook.com/sosland/mbn/2012_07_24
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https://www.nxtbook.com/sosland/mbn/2012_04_17
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https://www.nxtbook.com/sosland/mbn/2012_02_21
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https://www.nxtbook.com/sosland/mbn/2012_01_24
https://www.nxtbook.com/sosland/mbn/2012_01_10
https://www.nxtbook.com/sosland/mbn/2011_12_27
https://www.nxtbook.com/sosland/mbn/2011_12_13
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https://www.nxtbook.com/sosland/mbn/2011_11_15
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https://www.nxtbook.com/sosland/mbn/2011_10_18
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https://www.nxtbook.com/sosland/mbn/2011_08_23
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https://www.nxtbook.com/sosland/mbn/2011_07_26
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https://www.nxtbook.com/sosland/mbn/2011_06_28
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https://www.nxtbook.com/sosland/mbn/2011_04_19
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https://www.nxtbook.com/sosland/mbn/2011_03_22
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https://www.nxtbook.com/sosland/mbn/2011_02_22
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https://www.nxtbook.com/sosland/mbn/2011_01_25
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https://www.nxtbook.com/sosland/mbn/2010_04_20
https://www.nxtbook.com/sosland/mbn/2010_04_06
https://www.nxtbook.com/sosland/mbn/2010_03_23
https://www.nxtbook.com/sosland/mbn/2010_03_09
https://www.nxtbook.com/sosland/mbn/2010_02_23
https://www.nxtbook.com/sosland/mbn/2010_02_09
https://www.nxtbook.com/sosland/mbn/2010_01_26
https://www.nxtbook.com/sosland/mbn/2010_01_12
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https://www.nxtbook.com/sosland/mbn/2009_09_22
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https://www.nxtbook.com/sosland/mbn/2009_03_24
https://www.nxtbook.com/sosland/mbn/2009_03_10
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https://www.nxtbook.com/sosland/mbn/2008_09_23
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https://www.nxtbook.com/sosland/mbn/2008_04_22
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https://www.nxtbook.com/sosland/mbn/2004_08_10
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https://www.nxtbook.com/sosland/mbn/2004_07_27
https://www.nxtbook.com/sosland/mbn/2004_07_20
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