According to Food Empire, these expansion projects are part of its ongoing vertical integration initiatives so as to have better control over the entire coffee processing cycle, which will support the growth of its branded consumer business and sustain the leading position of its brands across its markets.
“Food Empire has enjoyed four consecutive years of record revenue growth driven by the stellar performance of our core branded consumer business," says group CEO and executive director Sudeep Nair.
"This has given us the confidence to expand our ingredients manufacturing business, which will not only position us strongly as a leading player in soluble coffee in Asia, but more importantly it will serve as a vital link to support the growth of our branded consumer business as we continue to invest in brand building activities across our markets," he adds.
Food Empire shares closed at $1.90 on July 9, up 2.15%.
