Coca-Cola HBC acquires Serbian confectionery brand Bambi for US$293.7m

SWITZERLAND - Coca-Cola Hellenic Bottling Company has announced that it has agreed to acquire Serbia’s leading confectionery business, Bambi for US$293.7 million (€260 million). According to the company, the deal, which is subject to certain closing adjustments will help increase its presence in biscuits and other confectionery products market in the country. Completion of the…

Nestle India reports 9.6% growth in profits to US$47.96m in Q4

INDIA – Nestle India reported a 9.6% growth in net profits to US$47.896 million for its fourth quarter period ended 31st December 2018 up from US$43.76 million posted in the corresponding period in its previous financial year. The company total revenues in the period under review increased from US$417.16 million against US$372.26 posted in the…

Declining production pushes Kenya’s sugar imports up by 67%

KENYA – Kenya recorded 67% growth in sugar imports in January compared to the corresponding period in 2018 as local sugar production continue to plunge, reports Business Daily. According to Data from the Sugar Directorate, the country imported 36,674 tonnes of sugar in the month compared to 21,982 tonnes shipped into the country last year.…

South Africa’s Tongaat Hulett appoints Rob Aitken as new CFO

SOUTH AFRICA – South Africa’s agri-business company, Tongaat Hulett, has announced the appointment of Rob Aitken as new permeant Chief Executive Officer (CFO) and executive director, effective March 2019, reports Business Report. Rob Aitken has been the acting CFO for the past six months since the departure of Murray Munro who resigned in August 2018.…

Nordzucker AG to acquire 70% stake in Australia’s Mackay Sugar

AUSTRALIA - Nordzucker AG, Europe’s second largest sugar manufacturer has agreed to acquire 70% majority stake in Australian sugar producer Mackay Sugar for US$42.49 million (AUD 60 million). The transaction, which is subject to the approval by the regulatory bodies as well as Mackay Sugar shareholders will also see the sale of one of its…

Kenya’s Nzoia Sugar Company to pay cane growers US$5.1m

KENYA – Kenyan sugar company, Nzoia Sugar Company, is set to pay sugar cane growers US$5.1 million for the produce delivered to the miller during the 2017/2018 financial year, reports Business daily. The company’s board chairman, Joash Wamang’oli made the announcement following the government’s decision to provide US$26.9 million aimed at revitalising the sugar industry.…

Burton’s Biscuit Co. acquires UK savory biscuit maker Thomas Fudge’s

UK – British biscuit manufacturer, Burton’s has acquired premium sweet and savoury biscuit manufacturer, Thomas Fudge’s from UK leading private equity investors, Livingbridge for an undisclosed sum. Burton’s said with the acquisition, it is in a position to strengthen its course in becoming a leader in savory baking as well as foster growth in the…

Mondelez’s full year net revenue rises 0.2% with growth in emerging markets

USA – Mondelez International’s full year net revenue increased 0.2% to US$3.31 billion helped by emerging markets which grew at 6.5% in the fourth quarter and around 6% for the full year.   Results reflected the impacts of unfavorable currency and divestment including its Kraft-branded cheese business in Middle East and Africa (MEA), which the…

Hi Group to invest US$78m in reviving Ghana’s Kamenda Sugar Factory

GHANA - The Hi limit Group, developers of government’s one village one dam programme has signed a purchase agreement to revive the defunct Komenda Sugar Factory at an investment worth about US$78 million reports Ghana News Agency. The agreement signed under the auspices of the Ministry of Trade and Industry will see Hi Limited group…

Thailand mulls tax exemptions on drinks with higher fruit and veg content

ASIA – Thailand is considering excise tax exemption for drinks with a higher fruit and vegetable content to encourage healthy dieting and consumption in the country. The Thai Excise Department has also unveiled plans to raise the required content of fruits and vegetables in juices to a minimum of 20% as a way to increase…