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Steers owners score their own tomato paste factory at a bargain

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Cape Town – Famous Brands [JSE:FBR] has bought a bankrupt state-of-the-art tomato paste manufacturing plant in the Coega precinct in the Eastern Cape at a significantly discounted purchase price, it said on Monday.

“The practically unused facility, constructed in 2010 at a cost of R200m, was bought out of liquidation at a significantly discounted purchase consideration,” the company said in a statement. “The acquisition will be funded from cash reserves.”

It follows a similar acquisition in May of chips factory Lamberts Bay Foods and forms part of the company’s strategy to own its supply chain.

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