CPF agrees to acquire UK-based Westbridge Food
Charoen Pokphand Foods' (CPF) subsidiary CPF Investment has agreed to acquire Westbridge Food Group (WFGL) for approximately THB2.6bn (£60m).
WFGL is a UK-based company expertizes lie in sales of meat and ready-made products to customers which are retails, food service, food manufacturers in the UK and countries in the European Union.
The company also engages in the development, sourcing and supply of products across many food groups on a world-wide basis.
WFGL invests in 117 companies in the UK and 16 companies in the Netherlands which have Import “Quota License” for the import of poultry meats and other poultry products to the EU. In addition, WFGL also has 1 repacking factory in England for product packaging to serve customers’ demands.
In 2015, WFGL recorded a total revenue of THB14.73 billion with THB 173 million of net profit.
Adirek Sripratak, Chairman of the Executive Committee of CPF, said: “the investment in WFGL will allow CPF to expand its distribution network for retails, food services and food manufacturers in the UK and the EU countries which have a high potentiality.
“Most of WFGL's markets are new customers group rather than CPF's existing clients. WFGL's products mainly involve chicken, shrimp, fish and processed foods which are in line with CPF’s product. In addition, CPF will have import quota license for chicken products to the EU since WFGL has more than 100 subsidiaries which have import quota.
“Its management team also has high experiences in food business management. This investment will encourage CPF’s export opportunities to UK and European countries.”
Source: Company Press Release