CP buys 3rd largest US frozen meal company
As gateway to US markets & retailers, leading ready-made food producer in US bought by CP Group.
As gateway to US markets & retailers, leading ready-made food producer in US bought by CP Group.
INTERNATIONAL BUSINESS & FROZEN FOOD
CP buys 3rd largest US frozen meal company
17/11/2016
Online Reporters
Charoen Pokphand Foods Plc (CPF), Thailand's largest food producer has acquired one of the largest ready made food producers in the US.
The company, named Bellisio Group, makes meals under several brands including Michelina's, Boston Market, Chili's, Atkins, EatingWell and EAT!.
The company is the third largest maker of so-called "single-serve frozen entrees" in the US and is also the leader in the same market segment in Canada.
The cost of the acquisition was 38.16 billion baht ($1.07 billion).
This is according to the CP Group's statement to the Stock Exchange of Thailand (SET)on Thursday.
IMPORTANT RELATIONS WITH LEADING AMERICAN RETAILERS
With four facilities in the US, Bellisio has "deep strategic relations" with leading American retailers.
The company distributes its products to more than half of the US within 24 hours and nationwide within 48 hours from its Ohio facility, the statement said.
Bellisio reported a net loss of $14 million on revenue of $588 million for 2015, down from $22 million two years ago.
GATEWAY TO AMERICAN FOOD MARKET
With 100% control of the American company, CPF will use it as a platform to enter the world's largest food market and as a gateway to channel its existing products into North America.
The company also has eyes on Bellisio's nationwide distribution network and relationship with key retailers to distribute CPF's products.
SYNERGIES BETWEEN CP GROUP & US COMPANY
Longer- term, CPF expects more synergies between the two companies and benefits from joint operation of the two businesses.
This includes the expansion of retail distribution channels using CPF's relationship with key retailers and the leverage of CPF's expertise and network in Asia and overseas to penetrate the Asian food segment.
http://www.bangkokpost.com/business/news/1137708/cpf-buys-us-gateway
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