Global food giant Kraft has signed an agreement to acquire the remaining 50 per cent stake in Moroccan biscuit manufacturer Biscuiterie Industrielle du Moghreb (BIMO).
Kraft announced yesterday it will purchase the remaining share from local investment holding National Investment Co (SNI) for MAD1.31bn (US$150m).
Last year Kraft split the company into two parts, to further growth in different sectors of the food market.
The US food giant said the latest acquisition is part of its overall strategy to grow in developing markets, and that operations in the Middle East and North Africa are "an important part" of that plan.
It plans to continue to grow BIMO and its brands in conjunction with Kraft Foods' broader Moroccan operations.
The move will "ultimately benefit BIMO and the Moroccan economy as a whole,” according to of Kraft Foods Middle East & Africa, Lawrence MacDougall.
"For several years, Kraft Foods and SNI enjoyed a strong and successful partnership in the jointly-owned BIMO, and this transaction is clearly aligned to fit our respective strategies,” MacDougall said.
"I am excited about our business prospects in Middle East and Africa in general, and in Morocco in particular, where this agreement will serve to reinforce our position as ‘a global snacks powerhouse' not only internationally but also in this region.”
The finalisation of the acquisition will depend on customary regulatory approvals.