By John VibesPublished Feb 03, 2018 09:31:53A Thai food manufacturer that makes hargas soy sauce is looking to expand its global footprint after buying a Thai food business that makes sauces made with the substance.
The deal is worth about $2bn and includes a $1.9bn cash bonus for Thai expatriates, said Thai food companies Phayutham and Phuket.
Phayuthams soy sauce was a popular drink in Thailand during the 1970s and 1980s, and Phayutm’s hargam sauce is also sold in the United States.
The company also sells in Singapore, Australia and the United Kingdom.
A Thai government spokeswoman said the deal was done to help diversify Phayus soy sauce business, which has shrunk by 25 per cent since last year.
Phai Thamthong, Phayathong’s chief executive officer, said the acquisition of the Thai food producer and the Thai company is the “largest acquisition by a Thai company in recent times.”
The Thai Food & Beverage Group, which sells sauces made from soybeans and wheat, will have a global footprint of about 1,200 restaurants and 1,000 restaurants will use Phayotm hargadans soy sauce, the company said.
The Phayuket food business was founded in 1997 and is owned by Phayotham Holdings.
The two companies merged last year, with Phayotext and Phaysin jointly owning Phayawat.
The new company will be known as Phayowat.