Kameda Seika, a Japanese snack firm, has announced that it is divesting its US brand Mary’s Gone Crackers (MGC) to Rosseau Inc, a US subsidiary of Canadian food manufacturer Dare Foods, in a debt-equity swap.
Founded in 2004, MGC offers organic, kosher, gluten-free and non-GMO crackers, available at grocery and speciality stores in both the United States and Canada.
In statement, Kameda Seika said MGC had faced difficulties due to changes in its business environment, including higher raw material costs, and had introduced reforms aimed at enhancing production efficiency and diversifying its product portfolio.
“However, in considering the restructuring of its USA business strategy, Kameda Seika determined that concentrating management resources on the growth of TH FOODS, INC. [..] would create more effective synergies”, the company added.
Kameda Seika will now work to further invigorate its rice cracker products in the USA market, the company concluded.
Source: Kameda Seika / Baking Business
