Vasari Global, along with Ethiopian entrepreneur Solomon Wondimneh and his company Ahadu, has opened phase I of a new food production facility in Ethiopia which is valued at around $150m.
The launch marks capital deployment of $36m from the total investment earmarked by the company in 2013.
Built for Ahadukes Food Products, the factory will initially manufacture biscuit products, which will be marketed under the flagship Ahadu brand.
The facility will later produce pasta and other flour-based goods, upon completion of the next phases.
Commenting on the development, Ethiopia president H.E. Mulatu Teshome said: "The role of food processing plants such as Ahadukes creates valuable linkages between agriculture and industry, which is critical in contributing to the structural changes and transformation of the national economy.
"It is encouraging to learn that this project has already invested $36m and is mainly executed by a local company, Ahadu. Having such a visionary local company is vital to the country as it will be exemplary in inspiring many others and attracting them to the sector.
"The company's move to partner with Vasari Global, a UK based major investment group, is also a wise move that will help in closing gaps and accelerating growth."
Ahadukes Food Products already employs around 600 people and is expected to create up to 3000 more direct and indirect jobs, upon completion of the three phases.
It will employ a distribution model that is in line with multinational best practices to secure direct access to over 40,000 retail outlets within four years.
Image: Vasari Global chairman Vivian Imerman. Photo: courtesy of Vasari Global.
