Kraft to buy remaining stake in Moroccan biscuit company

Global food giant Kraft has signed an agreement to acquire the remaining 50 per cent stake in Moroccan biscuit manufacturer Biscuiterie Industrielle du Moghreb (BIMO). Kraft announced yesterday it will purchase the remaining share from local investment holding National Investment Co (SNI) for MAD1.31bn (US$150m). Last year Kraft split the company into two parts, to further growth in different sectors of the food market. The US food giant said the latest acquisition is part of its overall strategy to grow in developing markets, and that operations in the Middle East and North Africa are "an important part" of that plan. It plans to continue to grow BIMO and its brands in conjunction with Kraft Foods' broader Moroccan operations. The move will "ultimately benefit BIMO and the Moroccan economy as a whole,” according to of Kraft Foods Middle East & Africa, Lawrence MacDougall.

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