Athens / GR. (wib) Greek leading food group Vivartia S.A. said to «Thomson Financial», that it will form a joint company in Saudi Arabia for expansion into the production and distribution of bakery products in Middle East markets. Vivartia will control 25 percent of the company at a cost of 14 million Euro and the company intends to establish a production unit in Jedda. The majority of the company will be controlled by Western Bakeries with a 60 percent stake and Olayan Financing Company will have a 15 percent stake. Vivartia said that the new company will be active in Saudi Arabia, UAE, Kuwait, Oman, Bahrain and Qatar. The investment is expected to be completed near the end of 2008. Western Bakeries is a market leader in bakery products in the region and a unit of Saudi listed Almarai Company.
OTHER TOPICS FROM THIS SECTION FOR YOU:
- LG Chem and ADM: Joint Ventures in Illinois are canceled
- Wendy’s: Company plans to expand into Europe
- Delivery Hero: may face significant fine due to antitrust violations
- Emmi Group: intends to acquire Mademoiselle Desserts
- AB Foods: announces strong H1-2024 performance
- DSM-Firmenich: Queen Maxima inaugurates new dual head office
- RBI: Announces Investments to Drive Growth in China
- Europastry S.A.: puts its IPO process on hold
- McCormick: Reports Second Quarter Performance
- Reborn Coffee: Closes Master License Agreement for UAE
- General Mills: Reports Fiscal 2024 Fourth-Quarter Results
- SunOpta expands plant for processing plant-based beverages
- Britannia: Operating profit grew 10 percent in FY-2023
- Tate + Lyle and CP Kelco to merge to leading global player
- Ülker Bisküvi: announces Q1-2024 financial results
- Europastry: intends to go public on the Spanish stock exchange
- Europastry S.A.: publishes 2023 Annual Report
- Swisslog: announces new Americas region headquarters
- Reborn Coffee: Expanding Omni-Channel Strategy
- Mondelez International and Lotus Bakeries Join Forces