Mengniu aims big with deal
Print Edition
Mengniu Dairy Co plans to invest 744 million yuan (US$106 million) in Shanghai Milkground Food Tech Co and one of its subsidiary firms as it seeks to step up product expansion, especially in the high-end dairy sector.
Mengniu will pay 287 million yuan for a 5 percent stake in Shanghai-listed cheese maker Shanghai Milkground Food Tech Co, according to a filing with the Shanghai stock exchange yesterday.
It will also put up 457.6 million yuan as registration capital to hold a 42.9 percent stake in Jilin Guangze Dairy Technology Co, which is a wholly owned unit of Shanghai Milkground Food. The Shanghai company will hold the remaining 57.1 percent.
The investment is still subject to anti-monopoly regulatory approval.
The two parties have also agreed to share sales and marketing resources and to complement each other to promote and develop new cheese categories.
Jilin Guangze Dairy hopes to use the capital to expand production capacity and maintain its strong foothold in the cheese sector and further lift business profitability.
Shanghai Milkground Food reported a 53.8 percent revenue increase in the first half of 2019 and cheese businesses more than doubled to 340 million yuan.
One of its core products, a frozen cheese stick snack, saw sales of 170 million yuan.
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