DUBLIN — Irish dairy processor Ornua has acquired the CoreFX Ingredients business unit of MCT Dairies. The transaction also includes a powder ingredient production plant in Orangeville, Ill. Terms of the agreement were not disclosed.
Headquartered in Chicago, CoreFX Ingredients uses spray-drying and dry-blending technologies to produce a range of dairy, cheese and lipid powder ingredient solutions for U.S. food manufacturing and food service customers. The business serves a range of markets, including snack foods, sports nutrition, soups/sauces and dressings, infant and toddler nutrition, desserts, bakery and dairy.
|Kevin Lane, c.e.o. of Ornua|
“This acquisition is another key milestone in Ornua’s U.S. expansion program and is in line with our strategy to invest in high-growth and profitable dairy businesses,” said Kevin Lane, chief executive officer of Ornua. “CoreFX Ingredients will provide our Ingredients Division with greater scale and will enhance our capability to deliver customized ingredient solutions to our customers. Importantly, we can share its dairy technologies across all of our ingredient operations around the world and, in turn, drive growth.”
Denis Neville, who was with MCT Dairies, will take over as c.e.o. of CoreFX Ingredients.
|Denis Neville, c.e.o. of CoreFX Ingredients|
“This investment affords the CoreFX Ingredients business the opportunity to grow through the addition of technologies, infrastructure and people,” he said. “I am excited to build on the platform for entrepreneurial growth that we started just a few years ago with MCT Dairies. The support of an international dairy company of Ornua’s reputation and track record will help enormously with our growth plans.”
With approximately €2.2 billion ($2.4 billion) in annual sales, Ornua has two business units — Foods and Ingredients. The Foods business unit markets products under such brands as Kerrygold, Pilgrims Choice, Dubliner, Forto, Shannongold, BEO and Eureka. The Ingredients business exports dairy ingredients globally and has subsidiaries in Spain, Saudi Arabia, the United Kingdom and the United States.