EGYPT/SWITZERLAND: Hero acquires Egyptian jam market leader
Effective 3 October 2002, Swiss food group Hero has acquired a 65% majority stake in Vitrac, Egypt's market leader in jams. Vitrac - whose 2001 turnover amounted to approximately US$22m - is the undisputed market leader in its core business with a market share in excess of 60%. "The acquisition of Vitrac will enable us to further develop the whole Middle East and North African region. As well as continuing the existing Vitrac business, we also plan to launch new products in our core categories of jams, muesli bars and infant nutrition," commented Stefan F. Heidenreich, chief executive officer of the Hero group.
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