South African food group, AH-Vest, has acquired a tomato-processing factory from food retailer, Tiger Brands, for an undisclosed sum, it emerged on Monday.
The factory is situated in Duiwelskloof, Tzaneen in South Africa’s Limpopo Province, where more than 60 percent of South Africa’s tomatoes are produced.
The Johannesburg Stock Exchange (JSE)-listed food company produces under the brand name of All Joy in South Africa and some neighbouring countries.
South Africa has experienced a major shortage of tomato paste over an extended period of time and as a result of this AH-Vest has had to rely on imported products. This has not only had a certain negative impact on the economy, but it has also been costly for the company.
AH-Vest is in the process of acquiring new state-of-the-art equipment through Rossi Catelli to increase its capacity.
This acquisition will guarantee the supply of quality tomato paste for All Joy and will benefit loyal customers that have supported the group for more than 25 years. Source: Ventures Africa