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FINANCIAL NEWS
Kellogg acquires Egyptian Mass Food for USD50m
29 Sep 2015
(MENAFN) Kellogg said that it bought Egyptian cereal company Mass Food Group for USD50 million as it seeks to boost its presence in Africa.
When it was founded in 1996, Mass Food was the first company to introduce cereal to Egyptian consumers, Kellogg said.
The Cairo based company has annual sales of USD18 million and 600 employees. It brands include Temmy’s and NutriFit.
Kellogg, the maker of Frosted Flakes cereal, Special K bars and Eggo frozen waffles, is seeking growth in emerging markets as demand for its breakfast foods in the US and elsewhere weakens.
Earlier this month, Kellogg said it was starting a joint venture with food company Tolaram Africa to create snacks and breakfast foods to sell in West Africa.
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