Sh13 billion food production facility inaugurated in Ethiopia

BISHOFTU: Africa-focused multinational consumer goods company Vasari Global, in partnership with Ethiopian entrepreneur Solomon Wondimneh and his company Ahadu Plc, Tuesday inaugurated a new food production facility for Ahadukes Food Products SC.  The launch marks the first phase of capital deployment of USD 36m from the total USD 150m investment (including working capital) initiated by the company in 2013. Initially, the factory will focus on biscuit products, which will be marketed  under the flagship Ahadu brand. The next phases will see the facility expand to include the production of pasta and other flour-based goods for the growing local consumer market.

Speaking at the factory in Bishoftu, 40 kilometres south east of the capital Addis Ababa, Ethiopian President H.E. Mulatu Teshome underlined the nation’s growing spending power and commended Vasari Global’s commitment to the country, remarking “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 USD 36 million and is mainly executed by a local company, Ahadu PLC. 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.”