Japanese food and beverage giant Asahi has struck a deal to buy a range of dairy assets in south-east Asia from Singapore-listed Etika International Holdings.
Etika said today (10 April) Asahi would pay US$328.8m for businesses in Malaysia, Singapore, Vietnam and Indonesia.
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Asahi is known for its namesake beer but also operates in spirit-based beverages, soft drinks and food. Its food assets include infant nutrition unit Wakodo.
The Japanese group had been looking to expand its business in south-east Asia and gain a foothold in Malaysia’s beverage market.
Asahi said condensed milk was “deeply rooted” in Malaysia’s “food culture”. Etika sells condensed milk under the Dairy Champ and Goodday brands.
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Etika claims to be “one of the world’s largest manufacturers and distributors of sweetened condensed milk” and “a leading player in the regional food and beverage market”.
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By GlobalDataAs well as dairy, Etika is involved in the wholesale and distribution of frozen and chilled foods. It manufactures “value-added” frozen food, bakery and confectionery products and is a marketer of sports nutrition and weight management food supplements, manufacturing of tin cans and quick-service restaurants. It has facilities in Malaysia, New Zealand, Indonesia and Vietnam.
