Nissin Foods to acquire Aussie dumpling producer ABC Pastry
Hong Kong-based business Nissin Foods Company Limited and its subsidiaries (the Group) have entered into a share sale and purchase agreement, acquiring 100% of the issued share capital of ABC Pastry, a manufacturer of frozen dumplings which are either company branded or third-party branded in Australia.
The consideration for the acquisition is AU$33.7 million. Upon completion of the acquisition, ABC Pastry will become a wholly owned subsidiary of the Group. Nissin Foods aims to keep the company engaged in the frozen food business in the Australian market, catering to nationwide retailers.
Kiyotaka Ando, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said: “The acquisition of ABC Pastry marks another milestone in our overseas market plan, soon after the joining of the Korean snack manufacturer Gaemi Food to the Nissin family in June. This latest acquisition will allow us to diversify our product offerings and distribution channels.”
“We believe that the acquisition will reap significant operational and financial synergies through the integration of its business with ours, ultimately delivering increased value to shareholders,” Ando said.
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