HONG KONG — Nissin Foods has acquired Australian frozen food manufacturer ABC Pastry for A$33.7 million ($23 million).
ABC Pastry is a Sydney-based company that has become recognized for its dumplings, specifically in the local Asian communities of New South Wales and Victoria, since its inception in 1998, Nissin Foods said. Upon the completion of the acquisition, ABC Pastry will become a wholly-owned subsidiary of Nissin Foods engaged in the Australian market’s frozen food business. Nissin said being a listed company could provide valuable experience and expertise in the operational and financial management of ABC Pastry. The acquisition also is expected to contribute to the long-term development of ABC Pastry and allow Nissin to diversify its portfolio, which will expand its income in addition to itself and its shareholders.
“The acquisition of ABC Pastry marks another milestone in our overseas market plan, soon after the joining of the Korean snack manufacturer Gaemi Food to the Nissin family in June,” said Kiyotaka Ando, executive director, chairman and chief executive officer of Nissin Foods. “This latest acquisition will allow us to diversify our product offerings and distribution channels and aligns with our long-term corporate vision and strategy of strengthening our market presence in key overseas markets. By leveraging ABC Pastry’s extensive local network and premium frozen products, Nissin Foods is well-positioned to enhance our connection with the local community and Australian consumers. We believe that the acquisition will reap significant operational and financial synergies through the integration of its business with ours, ultimately delivering increased value to shareholders.”
Nissin said ABC Pastry acquisition is part of plans to expand into Australia’s premium frozen food market, especially since rising Asian migration to Australia has led to a robust growth in frozen dumplings.