Noodle giant Indofood Sukses Makmur is considering a move to buy one of its manufacturing partners, a business that produces for the Indonesian giant across a number of markets.
A subsidiary of Indofood Sukses Makmur, Indofood CBP Sukses Makmur, said it had responded to an offer to buy Pinehill Company, a holding of four companies collectively known as The Pinehill Group.
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By GlobalDataUnder a licensing agreement, Pinehill Company manufactures noodles in seven countries – Saudi Arabia, Nigeria, Turkey, Egypt, Kenya, Morocco and Serbia. The products are sold under Indofood’s Indomie trademark.
The publicly-listed Indofood CBP Sukses Makmur said it would conduct due diligence on Pinehill Company before deciding whether or not to lodge an offer.
Indofood CBP Sukses Makmur is the consumer brand arm of the wider Indofood group, which also has interested in agribusiness and distribution, as well as wheat flour and pasta production through its Bogasari division.
In the nine months to 30 September, the Indofood group generated net sales of IDR57.85trn (US$4.23bn), up 6% on the corresponding period a year earlier. Income from operations increased 5% to IDR7.15trn. Income for the period attributable to the equity holders of the parent entity grew by 25% to IDR3.53trn.
The company reported “strong performance” from Indofood CBP and Bogasari.
