Kerry Group says there is no certainty that a strategic review of its dairy business will lead to a sale.
The comment is contained in the global taste and nutrition and consumer foods company's business performance report for 2020.
Group revenue of €7 billion is being reported for 2020, a reduction of 2.9% on the previous year.
Kerry Group CEO, Edmond Scanlon says the short-term impact of COVID-19 will continue through Quarter 1 of this year but the company is forecasting an overall outlook for strong recovery and good growth in the whole of 2021.
Last year, Kerry Group spent €280 million acquiring companies in Canada, China and Guatemala; the acquisitions will enhance the group's taste and nutrition technologies and expand its presence in developing markets.
The group is currently undertaking a strategic review of its dairy-related businesses in Ireland and the UK, but notes that there is no certainty this will lead to a transaction.
It's estimated the business is worth €800 million.
It's understood the board of Kerry Co-op are considering a bid for a 60% stake in the business; there is also speculation that third parties may be interested in buying the whole business.
Kerry Group's annual report will be published at the end of March and the company will hold its AGM on April 29th.
