Ornua Announces Sale of Majority Stake in US-Based CoreFX Ingredients
Source: The DairyNews
Ornua, the global dairy cooperative, has revealed plans to divest its majority share in CoreFX Ingredients, a prominent supplier of dry nutritional ingredients located in Illinois, USA.
The controlling interest will be acquired in a management buyout led by Denis Neville, the Co. Kerry-born CEO and founder of CoreFX.
Originally acquired by Ornua in 2016, CoreFX Ingredients operates a powder ingredient spray drying facility in Orangeville, Illinois. The decision to sell the majority stake aligns with Ornua's strategic objectives, as the ingredients business was identified as non-core within the group's five-year growth plan.
Denis Neville expressed enthusiasm for the acquisition, stating, "Having founded CoreFX with an expectation of continuous evolution, I am excited to embark on this new chapter to unlock our full potential."
Earlier The DairyNews GLOBAL wrote: Irish Dairy Powerhouse, Ornua, Ceases Operations at Pennsylvania Cheese Plant.
The 2016 acquisition marked Ornua's inaugural venture into dry ingredients production in the US. Subsequently, in 2017, CoreFX expanded its operations with the inauguration of a state-of-the-art 5,000ft² innovation center in Chicago.
In other developments within Ornua's US operations, Lindsay Brady has been appointed as president of Ornua Foods North America. Brady will play a pivotal role in driving ambitious growth plans for Kerrygold, Ornua's flagship brand, in the US and Latin America.
Ornua highlighted the significance of the US market, where Kerrygold currently holds the number two position for branded butter. With over two decades of experience in the food and beverage sector, Brady brings a wealth of expertise in accelerating business growth, gained from her tenure in leadership roles at prominent organizations such as Hillshire Brands, Tyson Foods, General Mills, and Campbell Soup Company.
Brady's most recent position was as general manager at Conagra Brands, overseeing a diverse portfolio of brands and businesses including Marie Callender's and Birds Eye. Her appointment underscores Ornua's commitment to driving strategic growth and innovation in the North American market.
Originally acquired by Ornua in 2016, CoreFX Ingredients operates a powder ingredient spray drying facility in Orangeville, Illinois. The decision to sell the majority stake aligns with Ornua's strategic objectives, as the ingredients business was identified as non-core within the group's five-year growth plan.
Denis Neville expressed enthusiasm for the acquisition, stating, "Having founded CoreFX with an expectation of continuous evolution, I am excited to embark on this new chapter to unlock our full potential."
Earlier The DairyNews GLOBAL wrote: Irish Dairy Powerhouse, Ornua, Ceases Operations at Pennsylvania Cheese Plant.
The 2016 acquisition marked Ornua's inaugural venture into dry ingredients production in the US. Subsequently, in 2017, CoreFX expanded its operations with the inauguration of a state-of-the-art 5,000ft² innovation center in Chicago.
In other developments within Ornua's US operations, Lindsay Brady has been appointed as president of Ornua Foods North America. Brady will play a pivotal role in driving ambitious growth plans for Kerrygold, Ornua's flagship brand, in the US and Latin America.
Ornua highlighted the significance of the US market, where Kerrygold currently holds the number two position for branded butter. With over two decades of experience in the food and beverage sector, Brady brings a wealth of expertise in accelerating business growth, gained from her tenure in leadership roles at prominent organizations such as Hillshire Brands, Tyson Foods, General Mills, and Campbell Soup Company.
Brady's most recent position was as general manager at Conagra Brands, overseeing a diverse portfolio of brands and businesses including Marie Callender's and Birds Eye. Her appointment underscores Ornua's commitment to driving strategic growth and innovation in the North American market.
