Newspaper article The Journal (Newcastle, England)

Healthy Future Planned as Quorn Is Snapped Up; TAKEOVERS

Newspaper article The Journal (Newcastle, England)

Healthy Future Planned as Quorn Is Snapped Up; TAKEOVERS

Article excerpt

Byline: COREENA FORD coreena.ford@ncjmedia.co.uk

MORE jobs could be on the way at food manufacturer Quorn after the firm was snapped up by a Filipino consumer brands firm for PS550m.

The Teesside business currently employs 620 at sites including Billingham and Stokesley and is already set to take on 400 more staff after pumping PS30m into expanding its plant.

Now the business, which topped turnover of PS150m for the first time last year, has been sold by private equity company Exponent to Monde Nissin, a Philippines-based business which is expected to continue its rapid upward trajectory in both sales and staff numbers.

Having launched in the North East 30 years ago, Quorn has grown to become an international meat alternatives business with a market leading position in 15 countries. New owner Monde Nissin is a consumer goods company in the Philippines which is building a globalbranded food business focused on health and sustainability.

Monde directors said Quorn makes a great fit for their strategy and complements the company's recent Australian acquisitions in healthy drinks and dips.

Quorn is investing PS30m to create a third fermenter at its Billingham production site near Middlesbrough, which will boost the company's production capacity by 50%.

The expansion will create some 400 jobs as production is ramped up to meet demand, and more could soon follow as the business forge ahead with ambitions to become a $1bn operation.

Chief executive Kevin Brennan said: "We have an ambition to be the world leader in meat alternatives, ultimately creating a $1bn business.

"Monde Nissin Corporation's purchase represents a great step forwards in this ambition; they share our belief in the potential of Quorn, and provide capability to expand the brand into Asia."

New owners Monde Nissin are happy to sit back and let the firm continue carrying out its successful strategy.

A spokesman said: "Monde Nissin wish to help Quorn grow, but do not want to get involved in the day-today running of the business. "Monde Nissin wants to support us to help us grow our business in the UK and internationally, they've a specific capability to expand the brand into Asia - a market that Quorn doesn't currently feature in but presents business with a huge opportunity. …

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