Belgium-based Lotus Bakeries has acquired 100% of the capital of US bakery group Corona-Lotus.
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The company announced last December that it would raise its stake in Corona-Lotus from 50%.
Corona-Lotus had previously been operated as a joint venture company with The Gourmet Center, a Lotus spokesperson told just-food.
Under the terms of the agreement, The Gourmet Center will continue to sell Lotus caramelised biscuits on an exclusive basis to the airline industry.
“Taking full control of Corona-Lotus will strengthen our position in the US market and provide a good platform to support our future performance,” the spokesperson said.
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By GlobalDataThe financial details of the transaction were not disclosed.
