Business / Companies
Mnangagwa commissions Anchor Yeast, French firm merger
12 Sep 2015 at 16:13hrs | Views
Yeast producing company Anchor Yeast has merged with a French company, Lesaffre Group, in a deal worth US$6 million.
The merger was commissioned by Vice President Emmerson Mnangagwa at a ceremony held in Gweru on Friday.
The merger follows the acquisition of a 60 percent stake in the local firm by the French company.
The deal is set to see the improvement in the quality of yeast products in the country.
The French company Lesaffre will inject a substantial amount of money that will go towards refurbishing and upgrading the Gweru plant for it to operate at full capacity and profitably.
The merger is an indicator that Zimbabwe is a safe destination for investment, says the representative of Lesaffre, Joan Philipee Poulin whose Anchor Yeast counterpart Mike Nyabadza is confident the deal will propel the company to greater heights.
In a speech read on his behalf by the Deputy Minister of Macro-Economic Planning and Investment Promotion Monica Mutsvangwa, Vice President Mnangagwa said the merger between the two companies is a result of government's continued efforts in creating a conducive environment for both foreign and domestic investment.
Some companies fail to solve their problems and always look up to government to intervene, but Anchor Yeast has shown the way by finding solutions to its challenges, notes Industry and Commerce Minister Mike Bimha.
Meanwhile, affluent from the yeast manufacturing process is set to irrigate 500 hectares of pastures that will serve as a foundation for the creation of a dairy farm.
Lesaffre currently supplies two thirds of global yeast needs and has operations in more than 140 countries with a total workforce of 8 000.
Lesaffre Zimbabwe has undertaken to establish vocational training facilities and baking centres for training and educating its employees in the efficient operation of new technologies.
The merger was commissioned by Vice President Emmerson Mnangagwa at a ceremony held in Gweru on Friday.
The merger follows the acquisition of a 60 percent stake in the local firm by the French company.
The deal is set to see the improvement in the quality of yeast products in the country.
The French company Lesaffre will inject a substantial amount of money that will go towards refurbishing and upgrading the Gweru plant for it to operate at full capacity and profitably.
In a speech read on his behalf by the Deputy Minister of Macro-Economic Planning and Investment Promotion Monica Mutsvangwa, Vice President Mnangagwa said the merger between the two companies is a result of government's continued efforts in creating a conducive environment for both foreign and domestic investment.
Some companies fail to solve their problems and always look up to government to intervene, but Anchor Yeast has shown the way by finding solutions to its challenges, notes Industry and Commerce Minister Mike Bimha.
Meanwhile, affluent from the yeast manufacturing process is set to irrigate 500 hectares of pastures that will serve as a foundation for the creation of a dairy farm.
Lesaffre currently supplies two thirds of global yeast needs and has operations in more than 140 countries with a total workforce of 8 000.
Lesaffre Zimbabwe has undertaken to establish vocational training facilities and baking centres for training and educating its employees in the efficient operation of new technologies.
Source - zbc
