{"id":1247708,"date":"2024-03-13T14:00:00","date_gmt":"2024-03-13T14:00:00","guid":{"rendered":"https:\/\/www.agriland.ie\/?p=1247708"},"modified":"2024-03-13T18:00:43","modified_gmt":"2024-03-13T18:00:43","slug":"ornua-sells-majority-share-in-us-based-ingredients-company","status":"publish","type":"post","link":"https:\/\/lightsail.agriland.ie\/farming-news\/ornua-sells-majority-share-in-us-based-ingredients-company\/","title":{"rendered":"Ornua sells majority share in US-based ingredients company"},"content":{"rendered":"\n

Ornua is set to sell its majority stake of US-based CoreFX Ingredients, a supplier of dry nutritional ingredients, based in Illinois.<\/p>\n\n\n\n

A controlling stake will be purchased by Co. Kerry-born Denis Neville, CoreFX’s CEO and founder, in a management buyout.<\/p>\n\n\n\n

Ornua originally acquired CoreFX Ingredients in 2016. Neville will acquire the majority stake through a holding company, POD Solutions.<\/p>\n\n\n\n

Ornua said that the ingredients business, which has a powder ingredient spray drying facility in Orangeville, Illinois, was identified as a “non-core business” in Ornua’s five-year growth plan, and its sale “aligned with the strategic objectives of the group”.<\/p>\n\n\n\n

Commenting on the sale, Neville said: “Having founded CoreFX with an expectation of continuous evolution, I am excited to embark on this new chapter to unlock our full potential.”<\/p>\n\n\n\n

Ornua originally acquired CoreFX in 2016, when the latter was a division of MCT Dairies.<\/p>\n\n\n\n

The 2016 acquisition represented Ornua\u2019s first dry ingredients production facility in the US.<\/p>\n\n\n\n

In 2017, a new 5,000ft\u00b2 innovation centre was opened in Chicago by CoreFX.<\/p>\n\n\n\n

Change of Ornua personnel in US<\/h2>\n\n\n\n

In other US-based changes in Ornua, the business recently appointed Lindsay Brady<\/a> to the position of president of Ornua Foods North America.<\/p>\n\n\n\n

In her role as president, Brady will have responsibility for leading the company’s North American business in “driving ambitious growth plans” for Kerrygold in the US and Latin America.<\/p>\n\n\n\n

Ornua has said that the US is a market in which the brand currently holds the number two position for branded butter.<\/p>\n\n\n\n

With over 20 years\u2019 experience in the food and beverage sector, Brady has specialised in consumer goods and accelerating business growth.<\/p>\n\n\n\n

In a statement, Ornua said: \u201cLindsay brings a wealth of experience having held senior leadership positions with multiple organisations including Hillshire brands, Tyson Foods, General Mills, and Campbell Soup Company.\u201d<\/p>\n\n\n\n

Most recently, Brady held the role of general manager at Conagra Brands, managing a portfolio of brands and businesses including Marie Callender\u2019s and Birds Eye.<\/p>\n\n\n