Mars Food completes acquisition of Preferred Brands Intl
Mars Food, part of Mars Inc, today said it has completed acquisition of Preferred Brands International, a Connecticut-based manufacturer and marketer of ready-to-heat Indian and Asian food products.
"We have completed the acquisition of Preferred Brands International and Tasty Bite. From our first meeting with the company, we were impressed by the strength of their portfolio, capabilities and the strong values which run through the business, allowing us to deliver against our purpose," Mars Food, Drinks and Multisales Global President Fiona Dawson said in a statement.
Over coming weeks, Mars Food said, it will launch its popular pasta sauce brand Dolmio in India.
"Dolmio will initially launch with four flavours... The range will initially be available in retail stores in New Delhi, Mumbai and Bengaluru, with the ambition to bring these great tasting pasta sauces to more cities across India in the near future," it added.
In August this year, Mars Food had signed a definitive agreement to acquire Preferred Brands International, manufacturer and marketer of ready-to-heat Indian and Asian food products sold primarily under the Tasty Bite brand.
Tasty Bite manufactures products out of its Pune facility and exports the majority of them to the US.
Preferred Brands International also has a significant food-service business under which it supplies food products to other manufacturers and quick service restaurants in India.
Tasty Bites portfolio includes a range of vegetarian offerings, including Indian and Asian entrees, spice and simmer meal kits, and organic rice and lentils.
While the majority of sales are generated in North America, Preferred Brands International also manufactures products that are sold through retailers in the UK and Australia and through food-service in India.
Tasty Bite has a subsidiary listed on the BSE and the NSE, which will continue to be listed after the acquisition.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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