Famous Brands looks to capitalise on tomato paste shortage

JSE-listed Famous Brands plans to capitalise on the tomato paste shortage in South Africa through its acquisition of a tomato paste manufacturing plant, Cape Concentrate, in the Coega precinct, in the Eastern Cape, for an undisclosed amount. Funded from cash reserves, the acquisition was in line with the group’s strategy to build supply chain capability and capacity, the company said in a statement on Monday.