This Discussion Paper is a case study of Kerry Group/PLC of Ireland. Kerry grew from a small dairy cooperative (annual sales of US $50 million) in the early 1970s into an international food ingredients and consumer food products company with sales of US $2.6 billion in 1998. Kerry Group/PLC provides a model that US and other dairy-food firms interested in exporting dairy-based food ingredients or engaging in foreign direct investment in food ingredients businesses might emulate.