The Kerry Group has bought British Asian food producer Noon Group for £124 million, the Irish food company said today.
The move marks a major expansion of Kerry's UK chilled ready meals business.
Noon produces Indian, Thai and other Asian and international cuisine ready meals, snacks and accompaniments - mainly for major UK retailers.
The acquisition will be funded through existing lines of credit with its banks, the company said in a statement.
"The acquisition of Noon significantly advances Kerry Foods' position and market leadership in the premium segment of the UK chilled recipe meals sector," Kerry's chief executive Hugh Friel said.
The UK chilled ready meals market is valued at an estimated £1.4 billion, growing at a rate of 5 to 7 per cent a year.
