September 22/London/StockMarketWire.com -- Kerry Group has agreed to acquire Cargill's global flavors business, Cargill Flavor Systems, for $230 million.

Cargill Flavor Systems -- which has annual revenues of around $200 million -- has well-established international flavor technology development expertise serving a global customer base through provision of flavor ingredients and flavor systems for beverage, dairy, sweet and savory applications.

The business has long-standing relationships with leading global food and beverage manufacturers and employs 700 people through its integrated flavor development and application centers in France, the U.K., South Africa, India, Malaysia, China, the U.S., Puerto Rico, Mexico and Brazil, supported by a network of sales representative offices in 12 other countries.

Kerry says the acquisition will strengthen its capability to provide integrated customer solutions across all food and beverage end-use-markets and extend the group's market spread in emerging markets.

The transaction -- which is subject to regulatory approval -- is expected to be completed by year-end.

From the September 22, 2011, Prepared Foods' Daily News.