Kellogg buys Egyptian cereal producer Mass Food Group
The US-based cereal and snack-food giant Kellogg Company announced Monday that it has acquired Egyptian cereal company Mass Food Group for US$50 million.
Mass produces popular local brands like Temmy’s cereals and NutriFit snack bars, and exports to more than 30 international markets. It has annual sales of $18 million and 600 employees.
The purchase will “help unlock the growth potential of the cereal category in the key markets of Egypt and North Africa,” said Chris Hood, president of Kellogg Europe, in a press statement.
Kellogg has been targeting expansion in Africa and other developing markets as demand for its products declines in the United States.
In January 2015, after a bidding war with the United Arab Emirates-based equity firm Abraaj, Kellogg purchased a majority stake in another Egyptian food producer, the snack company Bisco Misr.
Then in September, Kellogg announced a joint venture with the African arm of the Singaporean Tolaram Group to sell snacks and breakfast foods in West Africa, and the acquisition of a 50 percent stake in Nigerian food distributor Multipro.
"Today's announcement builds upon significant progress against our emerging market growth strategy announced earlier this year," said Kellogg CEO John Bryant in a press statement. "We are building a strong foundation for emerging market growth."
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