Business / Companies
Anchor Yeast adopts a French name
02 Sep 2015 at 08:57hrs | Views
Anchor Yeast (Pvt) Ltd will change its name to Lesaffre Zimbabwe (Pvt) Ltd, and will focus on growing exports into the region after its acquisition by French company Société Industrielle Lesaffre (Lesaffre) is officially signed this Thursday.
Lesaffre last month agreed a deal to purchase a 60 percent stake in Anchor Yeast for $11,5 million. It is expected that the acquisition of Anchor Yeast "will significantly improve the standard and quality of yeast products produced in Zimbabwe, with the long-term goal of generating regional exports for the business," according to a statement from the French Embassy.
"Following the consummation of this acquisition we introduce Lesaffre Zimbabwe (Private) Limited as a new corporate identity in the yeast industry in Zimbabwe and beyond," reads part of the statement.
The deal is set to be signed in Harare on September 10.
Anchor Yeast is Zimbabwe's sole yeast manufacturer and has been operational since 1958. With manufacturing facilities in Gweru and distribution outlets in Harare, Bulawayo, Mutare and Gweru it has been servicing Zimbabwe's yeast needs for nearly 60 years.
Anchor Yeast is the flagship subsidiary of Anchor Holdings (Pvt) Ltd, a family owned diversified investment holding company.
Lesaffre, a private company registered and incorporated in France, is a family owned business founded in the north of France in 1853 and has over 160 years of experience in the manufacture of yeast.
Lesaffre last month agreed a deal to purchase a 60 percent stake in Anchor Yeast for $11,5 million. It is expected that the acquisition of Anchor Yeast "will significantly improve the standard and quality of yeast products produced in Zimbabwe, with the long-term goal of generating regional exports for the business," according to a statement from the French Embassy.
"Following the consummation of this acquisition we introduce Lesaffre Zimbabwe (Private) Limited as a new corporate identity in the yeast industry in Zimbabwe and beyond," reads part of the statement.
Anchor Yeast is Zimbabwe's sole yeast manufacturer and has been operational since 1958. With manufacturing facilities in Gweru and distribution outlets in Harare, Bulawayo, Mutare and Gweru it has been servicing Zimbabwe's yeast needs for nearly 60 years.
Anchor Yeast is the flagship subsidiary of Anchor Holdings (Pvt) Ltd, a family owned diversified investment holding company.
Lesaffre, a private company registered and incorporated in France, is a family owned business founded in the north of France in 1853 and has over 160 years of experience in the manufacture of yeast.
Source - H24
