Kerry to acquire Lactase Enzymes Business

Kerry Group ("Kerry"), the global taste & nutrition company, announces it has entered into a definitive agreement to acquire part of the global lactase enzyme business of Chr. Hansen and Novozymes (together the “Lactase Enzymes Business”) on a carve out basis.¹ This acquisition is subject to European Commission approval of Kerry as a buyer and forms part of the Novozymes and Chr. Hansen merger approval process.

The Lactase Enzymes Business which includes NOLA Products, further enhances Kerry’s biotechnology solutions capability following the acquisitions of c-LEcta and Enmex.² This acquisition adds enzyme technology which helps create lactose-free and sugar reduced dairy products, while preserving their authentic clean taste. Global demand for lactase is being driven by increased awareness of lactose intolerance, while many consumers are also choosing lactose-free for lifestyle and health reasons.

The Lactase Enzymes Business had attributable revenue of approximately €40m in 2022 with sales in over 50 countries. Total consideration is €150m subject to routine closing adjustments, with the acquisition expected to close in the first half of 2024.

¹ Acquisition comprises certain trade and assets of Chr. Hansen’s global lactase enzyme business and 100% of the share capital of Nuocheng Trillion Food (Tianjin) Co., Ltd, a Chinese subsidiary of Novozymes.

² Acquisition of c-LEcta GmbH completed in March 2022 and Enmex S.A. de C.V. in December 2021.