EGYPT/GREECE: Chipita affiliate buys Egyptian food company
Edita Food Industries, an Egyptian affiliate of Greek snack maker Chipita International, has acquired Cairo-based international food company Hostess for €4.7m (US$5.5m).
Edita Food Industries, an Egyptian affiliate of Greek snack maker Chipita International, has acquired Cairo-based international food company Hostess for €4.7m (US$5.5m).
Chipita holds a 25% stake in Edita, with the remaining 75% held by a local partner.
Hostess, which produces cakes and other baked goods, is a distributor of US bakery company Interstate Brands. Hostess posted a turnover of 52m Egyptian pounds (US$8.6m) and a net profit of 5.2m pounds for 2002, reported the Greek News Digest.
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