Taste and nutrition company Kerry has announced that it has completed the acquisition of Niacet, with the aim of strengthening the company’s global food protection and preservation platform.

The acquisition has a value of €853 million, or $1,015 million.

Kerry has said that Niacet’s assets complement the company’s existing extensive portfolio of food protection and preservation technologies and processes. Kerry added: “It has a clear leadership position in bakery and has cost-effective low-sodium preservation systems for meat and plant-based food and its range includes both, conventional and clean label solutions.”

The increased selection of preservation solutions and innovative food protection systems offered by Niacet will support Kerry and its broad global customer base “to solve the world’s most complex food protection challenges.”

Edmond Scanlon, CEO of Kerry said that the company “have a vision” to create “a world of sustainable nutrition” with a reduced impact on the world’s resources.

He added: “Reducing food waste is a key component of this and one of the most effective ways to reduce food waste is through preservation where even one extra day of shelf life can have a hugely positive impact. We are excited to welcome the Niacet team to Kerry where the combination of our two businesses have created a global leadership position in the preservation sector.”