M&S frozen food supplier to downsize business
Marks and Spencer ready-meal maker Kerry Foods is reportedly looking to offload its frozen food arm as it refocuses on boosting profitability through its ingredient sector.
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The Sunday Telegraph has said the €9bn Dublin and London-listed company, famous for its production of Cheesestrings and Wall’s sausages, is said to be working with IBI advisers to plan its next move.
According to the newspaper, analysts have estimated that the food group’s frozen foods revenue is worth less than 5% of its total consumer foods business.
While its total consumer foods sector dropped 6.5% to €1.6bn, the firm’s ingredients and flavours business increased by 2.4% to €4.3bn.