Tanmiah inks MoU with Griffith Foods to explore cooperation
Tanmiah Food Co. signed today, March 3, a two-year memorandum of understanding with Griffith Foods, which targets collaboration to diversify the company's product portfolio, expand regional distribution, and advance the Kingdom's Vision 2030 objectives of food security and self-sufficiency, in addition to driving sustainability across the supply chain, the company said, in a statement to Tadawul.
The MoU also aims to conduct studies and evaluate the following areas of joint interest: Entering into a supply agreement to strengthen product availability and support growth in the targeted market segments, as well as exploring the establishment of a joint venture in Saudi Arabia to expand market reach, it added.
Furthermore, it targets exploring collaboration to enhance halal ingredients production capabilities, including the establishment of a state-of-the-art R&D center in Saudi Arabia, dedicated to food innovation, product formulation and the development of healthier food solutions. This is in addition to assessing feasibility of a production facility in Saudi Arabia for local production of Halal food ingredients to serve Saudi Arabia and the GCC markets.
Any future financial impact and any material developments will be announced in due course, the company noted.
Griffith Foods is a global product development and production company specializing in customized food ingredient solutions.
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