Bright Food, Liangyou to combine
Print Edition
SHANGHAI’S leading food suppliers Bright Food Co and Liangyou Group yesterday announced they will merge to form a conglomerate covering food, property, logistics and agriculture.
Both companies are operated by Shanghai’s State-owned Assets Supervision and Administration Commission, and the merger meets with the city’s growing pace of reform in state-owned enterprises that aims to raise competence.
“The merger will better ensure the safety of food supply in Shanghai. The merger will produce ‘one plus one equals larger than two effect,’” said Pan Jianjun, spokesperson at Bright Food.
Both companies did not release further details.
The two firms are dominant in the grain-based food business, with Liangyou being Shanghai’s largest grain food supplier. Bright Food sold 1.6 million tons of grain products in 2014, while Liangyou sells 8-10 million tons a year.
Bright Food is one of Shanghai’s SOEs with four listed firms — Shanghai Maling Aquarius Co, Bright Dairy & Food Co, Shanghai Jinfeng Wine Co and Shanghai Haibo Co.
Bright Food bought Shanghai Vegetable Group Co, the supplier of 80 percent of vegetables in the city, on January 1, 2014.
Liangyou runs about 520 convenience stores under its name while Bright Food operates 1,600 stores. The merger will result in the companies owning over half of Shanghai’s 4,000 convenience stores.
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