Effective 3 October 2002, Swiss food group Hero has acquired a 65% majority stake in Vitrac, Egypt’s market leader in jams.
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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.
“Following our successful business start-ups in Saudi Arabia and the Gulf States and the recently concluded joint venture with our Turkish partner, Ulker, Vitrac is a further crucial element in the group’s Middle East regional strategy.”
Vitrac was founded in 1981 by Mounir Fakhry Abdel Nour, who for the last twenty years has led the company. He will remain as a shareholder and board member.
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By GlobalData
