Thaifoods Group, the Thailand-based meat processor, has added Food Blessing (1988) Co., a local sauces and seasonings supplier, to its operations.
In a stock-exchange filing, Thaifoods said it was paying THB280.6m (US$9.1m) for FBC’s shares, a move to “expand into new business, new market and new targeted customers” in domestically and overseas.
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FBC manufactures and distributes seasonings and herbal beverages with seven of its own brands including Chornthong, PQ, Matrix and the namesake FBC. It has a factory located in Pathum Thani province, the filing read.
In 2018, FBC, which like Thaifoods is based in Bangkok, generated sales of THB381.6m and a net profit of THB7.3m.
In May, Thaifoods posted a 2.3% increase in first-quarter revenues to THB6.83bn. It made a net profit of THB204.2m, compared to a net loss of THB110.8m in the first three months of 2017.
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The same year, Thaifoods’ revenue stood at THB25.91bn, up 9.6% on 2017 thanks to higher sales from its swine and feed-mill businesses. Net profit was THB645.5m, a drop of 57% on a year earlier.
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