Kerry Group chairman Mr Denis Brosnan will "slip away quietly" over the next three months, having seen through a two-year transition period that has proven to the outside world that the new management group can do as good "and an even better job" than himself, he told the group's a.g.m. in Tralee yesterday.
There was a time in everyone's life to move on and let others get on with the show. "Otherwise people will think you are immortal, and can't be done without," he said.
Over 200 shareholders turned up to give Mr Brosnan a sustained standing ovation.
Group managing director Mr Hugh Friel told the meeting that the company expected a "good out turn" to the current year's trading.
He confirmed the successful placement of $650 million (€548 million) senior notes with US institutional investors. The funds raised will be used to repay existing debt.
The move lengthens the group's debt maturity profile and took advantage of strong demand from investors.
The current strength of the euro will have a minimal impact on the group, said Mr Friel.
As some 90 per cent of Kerry Group's products were sold in the country in which they were produced, they were not affected by currency fluctuations, he said. Mr Friel predicted future growth would come through acquisitions compatible with the group, probably in the US.
"You can't just acquire and leave it there, you have to acquire and integrate," he said.
The United States continued to offer more opportunities for investment and acquisitions that were a good fit with their existing business, and had provided the group with the last four add-ons, Mr Friel added.
