Browns Investments emerges as world’s top tea producer
View(s):Sri Lanka’s Browns Investments emerged as a global player in tea production after it signed an agreement with LIPTON Teas and Infusions which will result in the transfer of its tea estates in Kenya, Rwanda, and Tanzania. All tea sold by Browns worldwide will be grown and harvested to a new set of standards covering quality, social and environmental protections, the local company said in a media release.
This long term partnership will make Browns the world’s leading tea exporter – around 87 million kg each year as well as one of the largest suppliers to the world’s largest tea company, LIPTON Teas and Infusions.
Browns will invest in its estates in Kenya and Sri Lanka to meet the new standards by 2025, as well as in the creation of additional skilled employment opportunities in Kenya.
Browns separately in a filing to the Colombo Stock Exchange said subsidiary B Commodities ME FZE incorporated in the United Arab Emirates has entered into a Sales and Purchase Agreement (SPA) with Ekaterra Holdco UK Ltd., Ekaterra Group Holdings BV incorporated in Netherlands to acquire the controlling stake of four companies for a consideration to be calculated at completion in accordance with the provisions of the SPA.
This is Brown’s second overseas acquisition following the purchase of James Finlay (Kenya) Ltd last year.
“In line with Lipton Teas and Infusions’ vision of creating value for all, the proceeds or the transaction will be reinvested into the East Africa region to drive local and industry-wide progress in relevant areas such as skills development and climate change mitigation,” the statement said.
As one of the largest tea producing companies globally, Browns currently oversees an expansive 40,000-hectare area, producing approximately 43 million kg of black tea and providing employment to over 15,000 people across Sri Lanka and Kenya.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!