Paradise Foods buys Laga Industries

PAPUA New Guinea’s food and beverage company Paradise Foods has acquired Laga Industries from Steamships.
The move was prompted by the potential for growth of the two businesses combining strengths, Paradise Foods chairman Anthony Smaré said.
“Paradise has been growing strongly over the last two years and has been a successful investment for its shareholders Nambawan Super Limited and Comrade Trustees Ltd,” he said.
“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 large food business with strong sales and distribution network around the country, strong brand loyalty and backed up by two talented and dedicated groups of employees.
“We expect that the 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 leverage the synergies of the combined businesses and their staff to accelerate its growth to take advantage of the potential of the PNG market, and to be a world-class company that PNG can be proud of.”
Steamships managing director Peter Langslow noted how the company had invested considerably in Laga Industries, ensuring its growth in recent years.
“Laga has been a part of the Steamships family since 2005,” he said “While there is a note of sadness in saying goodbye, I am confident that the business will benefit greatly from becoming part of a larger and more focused consumer foods business in Paradise Company.”
Laga Industries makes ice cream, beverages, oils and baking products with a manufacturing and processing facility in Lae along with a distribution centre in Port Moresby.