{"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