NEW DELHI: CG Foods, maker of Wai Wai noodles, has announced it has signed a deal to acquire the GBfoods business in the Russia and CIS markets. An agreement has been signed with GBfoods, CG Foods said in a statement, without disclosing the financial details of the acquisition. “GBfoods’ business in Russia/CIS, under Gallina Blanca brand, is expected to change its ownership from GBfoods to CG Foods, owned by CG Corp Global, within the coming weeks,” the company said.
GBfoods operates in Western Europe, Russia and CIS, Baltics and around 30 countries in Africa. The acquisition will help CG Foods to grow its foothold in Europe and Commonwealth of Independent States (CIS) regions. CG Foods is the food division of Nepal-based CG Corp Global and produces noodles in Nepal, India, Serbia, Bangladesh and Kazakhstan.
“CG Foods will also leverage the existing distribution strength of GBfoods in Russia & CIS to grow its globally renowned noodle brand Wai Wai,” the statement said. CG Corp Global Chairman Binod K Chaudhary said, “I believe that this step with Gallina Blanca Russia/CIS will be a milestone in our global journey.”