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Almarai has signed an agreement to acquire 100% of Hammoudeh Food Industries through its subsidiary, Teeba Investment for Developed Food Processing, for SAR 263 million (approx $70 million).

Hammoudeh is a Jordanian dairy and cheese company with over 50 years in the market.

The acquisition, which is said to strengthen Almarai's position in the market, supports the company's strategy "to maintain sustainable growth in core markets and geographies".

Almarai said in a statement: "By acquiring Hammoudeh Food Industries, Almarai will enhance its ability to better serve customers in the region, expand its operations and product range, and leverage operational scale in Jordan to drive both sales growth and profitability".

Almarai will finance the acquisition through internal cash flows. The deal is subject to certain contractual conditions and regulatory approvals in Saudi Arabia and Jordan.

#Almarai #HammoudehFoodIndustries #SaudiArabia #Jordan