October 20, 2021

irkaimboeuf

Food never sleeps

Symington’s acquired by Italian food company

3 min read

The acquire of the Leeds-based mostly ambient foodstuff producer includes nicely-acknowledged snacking manufacturers this sort of as Mug Shot, Naked and Ragu. Symington’s also generates very own-label solutions for best supermarkets.

Rumours bordering the sale of Symington’s commenced circling in February this year, with a price tag tag of involving £80m to £100m reportedly on the table. On the other hand, there ended up doubts​​ that the ambient food producer would protected a offer at the larger conclude of the scale.

In a presentation on the offer, Newlat claimed Symington’s Uk distribution platform was at working at around 70{52b57ece99d8ad65266f7d1bf734f606b94a24ca6add8968b2fb1797b2130515} capacity and ‘could be utilised for the distribution of Newlat’s foodstuff pasta and bakery category’.

Pasta purchasing

Newlat extra: “Symington’s is paying for circa £7m of pasta as raw elements. Newlat Foods has c.40{52b57ece99d8ad65266f7d1bf734f606b94a24ca6add8968b2fb1797b2130515} of spare capability and the industrial awareness to cover all recipes and formats.”

The corporation claimed Symington’s present investing relationship with Walmart in the US could be developed by the addition of Newlat products.

“The optimization of the capacity could leave just one of the Symington’s creation vegetation free of charge to grow to be a pure pasta production plant,”​ it additional.

David Cox, Symington’s main executive, stated: “Newlat desires to invest in our company and our brand names. It presents lengthy-phrase security for our business with an intercontinental ambient and dairy food items player working in mutually beneficial types and is an fascinating time for us equally.

Growth internationally

“By bringing with each other both of those corporations we can incorporate our strengths, speed up our advancement and maximize our global footprint. Symington’s delivers a robust springboard for Newlat’s brands into the Uk market place and Newlat offers us more prospects for us to expand our brands internationally in which Newlat has operations – in Italy and Germany.”

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