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ผู้เขียน หัวข้อ: Food producer buys 76 pct share of seafood firm  (อ่าน 1765 ครั้ง)
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« เมื่อ: กรกฎาคม 07, 2010, 09:46:31 AM »


Premium Brands has acquired a majority stake in Toronto-based Maximum Seafood. (Photo: Stock File/FIS)

Food producer buys 76 pct share of seafood firm

CANADA
Wednesday, July 07, 2010, 01:20 (GMT + 9)



Leading food producer Premium Brands Holdings Corporation announced on Monday the acquisition of a 76 per cent interest in Toronto-based Maximum Seafood.

Maximum is a chief supplier of fresh and live seafood products with annual sales of some CAD 56 million (USD 52.6 million).

"Max D'Elia, Leo D'Elia and Tony D'Angelo, the founders of Maximum, have done an exceptional job in making Maximum one of the leading providers of fresh and live seafood to the Toronto, Ottawa and Montreal markets. Its strong market position and differentiation based business strategies combined with exceptional growth opportunities in the seafood category make this an ideal investment for us," said George Paleologou, president and CEO of Vancouver-based Premium Brands.

"Our existing seafood business, which has grown rapidly over the last several years to almost CAD 30 million (USD 28.2 million) in annual sales, together with Maximum will create an CAD 85 million (USD 79.9 million) sales platform in a product category that is benefiting from a number of consumer trends, including an increased awareness of the health benefits associated with a diet that incorporates fresh seafood, and Canada's changing ethnic mix,” he continued.

Maximum’s expertise and resources in fresh and live seafood in conjunction with the buying and supply channel synergies developed between Maximum and Premium Brands’s other seafood initiatives, Paleologou said, positions Premium Brands splendidly to construct a national seafood platform and further grow its sales.

"I am very excited by the opportunity to work with the Premium Brands group to take Maximum to the next stage in its development," said Max D'Elia, CEO of Maximum. "While we will continue to execute our wholesale focused business plan, we are looking forward to leveraging Premium Brands' infrastructure and product supply initiatives to drive our growth across Canada."

Premium Brands's investment in Maximum is the former’s first transaction in central Canada.

The investment is seen as broadening Premium Brands’s geographic reach and its complementary distribution system will make for a well-diversified business, said Laurentian Bank Securities analyst Vincent Perri, reports Reuters.

Premium Brands runs operations in western Canada, Ontario and Washington State. It operates a variety of specialty businesses including the brands Harvest, McSweeney's, Creekside Bakehouse, Centennial Foodservice and Quality Fast Foods.

Shares of Premium Brands rose by CAD 0.10 (USD 0.09) at CAD 12.70 (USD 11.94) at midday Monday on the Toronto Stock Exchange.

By Natalia Real
editorial@fis.com
www.fis.com


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