GERMANY/MALAYSIA: Dr Oetker buys majority stake in Nona
Dr Oetker has secured a 70% stake in Nona from parent firm Torto Food Industries
Food giant Dr. Oetker has acquired a majority stake in Malaysian baking mixes and ingredients firm Nona.
The company has secured a 70% stake in Nona from parent firm Torto Food Industries, it said today (9 October).
Torto owner Ang Aik Hwa has retained a 30% stake in what will now be a joint venture company, named Dr. Oetker Nona.
Nona is based in Penang, Malaysia and produces baking mixes, dessert mixes and other products and ingredients for the preparation of desserts including jellies and baking products. It employs around 65 staff.
"Malaysia has a long tradition for sweet desserts and bakery products," said Richard Oetker, president of Dr. Oetker. "A young, growing population and the long-term economic development of the country also offer growth potential for innovation in one of our core competency areas. We are therefore very confident that so far very positive way further develop the brand Nona successfully."
In May this year, Dr. Oetker acquired a majority stake in Tunisian food manufacturer GIAS Ingredients.
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