Minnetonka-based Cargill Inc. is in talks to sell its global flavors business to Kerry Group, a major food ingredient and flavors firm based in Ireland.
Cargill confirmed Friday that it's been approached by Kerry. Any acquisition process would take four to six weeks, Cargill said in a news release.
Cargill's flavors unit does business in 22 countries, employs about 700 people and produces flavors for beverages, dairy products and various sweet and savory foods. It's a relatively small part of Cargill's food and ingredients division, which employs about 22,000 and makes everything from chocolate to brewers' malt.
Reuters, citing a stock analyst, reported that Cargill's flavor division has revenue of around $200 million and might fetch $354 million to $495 million.
Cargill is one of the world's largest privately held companies with interests in grain trading, meat processing and many other agricultural and industrial businesses. It had more than $100 billion in revenue in its most recent fiscal year and 131,000 employees around the globe.
Mike Hughlett • 612-673-7003
