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Saudi Arabia based dairy firm Almarai has announced the acquisition of Hammoudeh Food Industries, the food and beverage business of Jordanian conglomerate Hammoudeh, for 263 million SAR ($70.1 million).
Founded in the 1960s in Amman, Hammoudeh Food Industries serves as the food and beverage manufacturing division of the Hammoudeh conglomerate, which is also involved in agri-business and chemicals. The company offers a variety of products, including dairy, juices, poultry and eggs.
In a statement, Almarai said: “This acquisition strengthens Almarai’s position in Jordan and aligns with the company’s broader growth strategy announced earlier this year to maintain sustainable growth in core markets and geographies. By acquiring Hammoudeh Food Industries, Almarai will enhance its ability to better serve customers in the region, expand its operations and product range and leverage operational scale in Jordan to drive both sales growth and profitability”.
The acquisition, which is being carried through Almarai subsidiary Teeba Investment for Developed Food Processing Company, is subject to customary regulatory approvals.
Source: Just Food / Saudi Exchange
