Kraft acquires remaining 50% of Bimo - News-content | Ingredients Network | Food Ingredients news powered by Fi & Hi Europe

Kraft acquires remaining 50% of Bimo

13 September 2012

Kraft Foods is to take full control of Bimo, a Moroccan manufacturer of cookies, in a deal worth $151 million.


The company is acquiring the 50% of Bimo that it did not previously own from local investment company National Investment Co. Kraft said that the acquisition was in line with its strategy to improve its penetration of developing markets.


The deal is subject to the usual regulatory approval, subject to which it is expected to close within six months.


Bimo is said to have a 13% market share in Morocco. The company employs some 1,400 people, and annual sales are around $92 million.

 


     

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