Kerry Group paid an initial €91 million for a Chinese business.
The details were revealed in its half-year results.
The Tralee-headquartered company is reporting continued volume growth and good overall performance.
Its latest results show revenue increased to €4.1 billion, an increase of 1.6%.
Chief Executive Officer of Kerry Group, Edmond Scanlon says they delivered a good performance in the first half of the year, recognising varying conditions across markets.
He says they continue to see good levels of customer innovation activity, and their margins reached an inflection point in the second quarter.
In its report, Kerry Group says the demand environment remained resilient considering industry inflation and stocking dynamics.
The group says it made important strategic developments, including two highly complementary acquisitions which add to Kerry’s strong local emerging markets footprint.
On Monday, Kerry Group completed the acquisition of Greatang, which is headquartered in Shanghai.
The acquisition deal includes potential additional payments of up to €99 million, which would be payable across the next three years depending on achieving certain conditions.
The Kerry company says this strongly complements its leading authentic taste position in China, broadening and deepening its capability and portfolio of local taste solutions, most notably in the significant foodservice hotpot market.
It says the acquisition of Proexcar strengthened Kerry's capabilities and leading position within the Latin American meat market, while also providing a platform for further strategic growth within the ANDEAN region of South America.
During the first half of this year, Kerry Group announced the sale of the trade and assets of its Sweet Ingredients Portfolio.
