KDC to complete sale of snack business
KDC to complete sale of snack business
Food and flavour producer KIDO Group (KDC) earlier this week said it had finalised the sale of its snack business for VND2 trillion (US$91 million).
The sale took place one year after the company sold 80 per cent of its snack business to Mondelez International Company, the US-based maker of snacks, Oreo cookies and Ritz crackers.
KDC has received more than VND1.55 trillion ($70 million) from the investors and the remainder of the money will be sent after procedures are completed.
With the money, the company said that it had fulfilled the 2016 annual profit target of VND1.5 trillion before tax.
KDC said that in the coming time, they would continue merger and acquisition activities in order to expand their new businesses, including instant noodles and cooking oil.
The company also plans to focus on developing trademarks for its new products.
Last year, KDC, a giant confectionery producer in Viet Nam, sold 80 per cent of its snack business at a price of $370 million.
Frozen products, cooking oil and instant noodles are the core business of the company.
