India,United States : Mars Food inks agreement to acquire Tasty Bite owner.
Mars Inc's division, Mars Food, has entered into a definitive agreement to acquire Connecticut-based Preferred Brands International, known for its ready-to-heat Indian and Asian food products sold primarily under brand Tasty Bite.
All production activities are being carried out by Preferred Brands subsidiary in India, Tasty Bite Eatables, at its plant located in Pune.
According to the company, The subsidiary will continue to be listed after the acquisition.
Mars Food Global President Fiona Dawson said, Tasty Bite is a fast-growing Indian/Asian dinner time brand. Upon closing of the acquisition, Mars Food will expand our all-natural vegetarian offerings in the US and leverage Tasty Bites strong product development pipeline, flavour expertise and strategic sourcing of quality ingredients throughout our portfolio.
The acquisition is further subject to regulatory approvals, with completion expected by the fourth quarter of 2017. Financials details of the deal were not revealed.
Ashok Vasudevan, CEO, Preferred Brands, said, Mars Foods strong brand portfolio, global infrastructure and shared values make it well-positioned to take Tasty Bite to the next level.
[c] 2017 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Aug 17, 2017|
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