Zetar acquires coated fruit and nut manufacturer Salamanda
Monday, October 23, 2006
Zetar plc subsidiary, Kinnerton, has acquired Salamanda for a total consideration of up to £2.25 million. Salamanda is a manufacturer of a premium range of chocolate and yoghurt coated fruit and nut products.
Initial consideration of £1.2 million has been satisfied by the payment of £900,000 in cash and the issue to the vendors of 66,964 new Zetar ordinary shares.
Additional consideration of up to £1.05 million will be payable in cash or Ordinary Shares dependant upon the future performance of Salamanda.
Salamanda, based in York, was established in March 2004 and specialises in the development and manufacture of coated products known as 'dragees', including yoghurt coated raspberries, chocolate coated strawberries and cocoa dusted roasted almonds.
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