C.W. Mackie buys CIC’s Kelani Valley biz for Rs, 130 m
Tuesday, 1 April 2014 01:33
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C.W. Mackie Plc has acquired the CIC Agri Business’s Kelani Valley Canneries Ltd., for Rs. 130 million.
One of the oldest trading houses with large interest in food business said it purchased 30.5 million shares accounting for 88.23% of Kelani Valley Canneries.
KV produces range of bottled and canned products such as jams, sauces, cordials and treacle. Last year KVC brand was changed to CIC Agri Foods which resulted in a significant increase in turnover while the number of outlets was increased to 15,000. However on the downside, a lack of adequate automation led to high production overheads which impacted the bottom line.
