Wednesday, November 24, 2010

Sri Lanka Cargills buy biscuit maker

Nov 24, 2010 (LBO) - Sri Lanka's Cargills (Ceylon) said it had bought a biscuit maker for 350 million rupees as part of a strategy to expand into the fast moving consumer goods business amid rising incomes in the country.

The firm Diana Biscuits manufactures (Pvt) Ltd, was bought through Cargills Quality Foods, a unit of the parent.

"Sri Lanka is among the highest per capita consumers of biscuits in the South Asian region," Cargills said in a statement.

"Cargills therefore sees great potential for expansion and innovation in the biscuit category.

"The Group also identifies branded consumer goods to be a thrust in its future expansion and diversification.
"The acquisition of Diana Biscuits manufactures (Pvt) Ltd comes in the wake of these identified opportunities and potential for sustainable growth."

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