Kraft Foods has acquired the remaining 50% stake not already owned in Biscuiterie Industrielle du Moghreb (BIMO), a leading biscuits manufacturer in Morocco.
Kraft reached a $152.2 million (MAD 1.31 billion) deal with the Société Nationale d'Investissement.
“Kraft Foods sees BIMO as an important part of its future Middle East and Africa strategy,” said the company in its release.
Kraft had held a joint venture with Bimo for several years, but has decided to tackle the market alone.
The deal is subject to regulatory approval.
Lawrence MacDougall, president, Kraft Foods Middle East & Africa said: “I am excited about our business prospects in Middle East and Africa in general, and in Morocco in particular, where this agreement will serve to reinforce our position as ‘a global snacks powerhouse’ not only internationally but also in this region.”
