SATS to acquire Thai firm Food City for $21m
The acquisition is expected to reduce food waste and increase productivity..
SATS is set to acquire 85% majority control of Thailand-based Food City Company Limited for approximately $21m.
Previous owner of Food City, Bangkok Ranch PLC, would retain 15% of the company.
“SATS will benefit from Food City’s scale, and location in the Thai food ecosystem to supply its growing customer base across the region, from aviation to food service and retail.This acquisition will strengthen our range of food technologies –fresh, cook-chill, ambient and frozen, to serve different customers’ needs,” said SATS Food Solutions CEO Kerry Mok.
Food City’s main asset is a food production facility in Pathumthani, Thailand, which could produce 90,000 ready-to-eat meals a day.
The acquisition is also expected to reduce food waste and increase productivity.
Upon completion of the acquisition, SATS would own interest in 32 meal production facilities across China, India, Indonesia, Japan, Macau, Malaysia, Maldives, the Philippines, Singapore and Thailand.