Thailand’s Charoen Pokphand Foods has bought Norfolk Foods, a Sri Lankan value-added food processor.
Through subsidiary CPF Investment Limited (CPFI), CP Foods agreed to acquire 80% of Norfolk for around $4 million. In addition, CPFI has the right to acquire the remaining 20% of the shares.
Norfolk produces ready-to-eat food products such as samosa, processed chicken, meat stuffed with cheese and sausages under Crescent trademark. The company also produces some seafood products, such as fish fingers.
Products are distributed through local distributors, hotels, restaurants and retail shops in Sri Lanka. Its current capacity is 400 metric tons per month with a 21% share in the ready-to-eat food products market in Sri Lanka.
Source: Undercurrent News
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