Food products supplier Alliance Grain Traders (AGT) has completely acquired Canada-based retail food packaging firm CLIC International.
The transaction includes CLIC's inventory, retail packaging and canning production equipment. It also comprises all CLIC and associated retail brands, retail and food service listings, as well as customer contracts.
AGT president and chief executive officer Murad Al-Katib said, "This transaction is expected to assist in furthering our stated objective of moving AGT up the value chain and solidifying our transition from a commodity exporter to a food company."
The latest move is expected to solidify AGT's position in the ingredient and packaged foods segment with integration of small packaging and canning lines to supply pulses and ethnic foods to the North American and global customers.
AGT Board of Directors executive chairman Huseyin Arslan said the acquisition will enable the company to continue its drive towards new platforms for growth in retail packaged foods and food ingredient business.
"We are optimistic about the potential sales and revenue streams we seek to generate with the acquisition of CLIC providing a springboard for our new business segment, which may show great potential for growth and return for our company and our shareholders," Arslan added.
