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Nissin Foods, an instant noodle manufacturer, has announced that it has entered into a share purchase agreement to acquire 100% of the shares of Australian frozen dumpling manufacturer ABC Pastry for A$33.7 million ($23.12 million).
Founded in 1998, ABC Pastry is a leading manufacturer of frozen dumplings in Australia, offering products under its own brand as well as various third-party brands.
Commenting on the acquisition, Nissin Foods executive director, chairman and chief executive officer Kiyotaka Ando 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 and aligns with our long-term corporate vision and strategy of strengthening our market presence in key overseas markets”.
“By leveraging ABC Pastry’s extensive local network and premium frozen products, Nissin Foods is well-positioned to enhance our connection with the local community and Australian consumers”, he added. “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”.
Source: Nissin Foods / ABC Pastry
