Heinz has bought three state-owned food companies in Guangzhou, Guangdong province, for an undisclosed amount, South China Morning Post said. The three are Guangzhou Meiweiyuan Foodstuffs, Guangdong Meiweiyuan Foodstuffs Factory and Panyu Jinmai Foodstuffs Factory, all previously owned by Guangzhou municipal government.
Heinz already has two ventures in China, an infant cereal factory in Guangzhou and a baby food factory in Qingdao, Shandong province. John Crawshaw, area president for Heinz Asia, said this latest acquisition had given the company a foothold in the market for sauces and condiments in China. Heinz hopes that moving into this new area will help it to double its sales in China, which amounted to US$50m last year.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved