Kerry Group, a large Ireland-based food ingredient firm, said Thursday that it has agreed to acquire Cargill Inc.'s global flavors business for $230 million.
The deal comes about two months after Cargill confirmed it had been approached by Kerry. Cargill's flavors group has about $200 million in annual revenue and does business in 22 countries.
It produces flavors for beverages, dairy products and various sweet and savory foods, and is a relatively small part of Cargill's food and ingredients division.
Minnetonka-based Cargill has over $100 billion in annual revenue and is one of the world's largest privately held companies.