Nissin to acquire large Russian noodle maker
December 26, 2008
by FoodBusinessNews.net Staff
TOKYO — Nissin Foods Holdings Co., Japan’s largest instant noodle maker, has agreed to acquire a 33.5% stake in Angleside Ltd. for approximately 26.8 billion yen ($296 million). Angleside is the holding company for LLC Mareven Food Central, Russia’s largest instant noodle maker. Nissin is expected to complete the acquisition in steps, first by investing 9.3 billion yen in January to buy a 14.99% stake in Angleside, then by raising its stake to 33.5% by September 2010. According to Nissin, Russia is the world’s ninth-largest instant noodle maker with annual consumption of about 2 billion servings. Japan ranks No. 3 with 5.4 billion servings, trailing only China and Indonesia.