Paradise Company buys Laga Industries
Paradise Company acquires Laga Enterprises from Steamships Trading Company which has had an association with Laga Industries for more than 20 years.
Anthony Smaré Chairman of the Board of Paradise Company Ltd, “We are very happy to make this acquisition and particularly to make Laga Industries 100% PNG owned. Paradise has been growing strongly over the last two years and has been a very successful investment for its shareholders Nambawan Super Limited and Comrade Trustees Limited.
Laga Industries has also been growing strongly over the past several years. This acquisition is a statement of ambition by Paradise and its shareholders, because we are bringing together two strong growing food businesses to create a very large food business with a strong sales and distribution network around the country, strong brand loyalty and backed up by two talented and dedicated groups of employees at the two companies.”
The Paradise Board of Directors plans that it will be ‘Business As Usual’ for both companies with manufacturing sites and staff unaffected. “Both companies have first class systems and procedures with strong management frameworks in place. It really is Business as Usual for all staff as ownership changes to Paradise.” said Mr. Smaré.
Mr Smaré stated “We expect that new combined Paradise Company, with its diverse products leading the PNG market in biscuits, snack foods, water, ice cream, cooking oil, chocolates and beverages, to now leveraging of the synergies of the combined businesses and their talented staff to accelerate its growth to take advantages of the potential of the PNG market, and to truly be a world-class company that PNG can be proud of.”
Paradise Company Ltd acquires Laga Industries from Steamships Trading Company effective Monday 2nd July 2018, following a period of due diligence and Board approval.
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