Bright Food adds Italy鈥檚 Salov to acquisitions
Print Edition
SHANGHAI-BASED Bright Food Group has bought a majority stake in Italian olive oil producer Salov Group, the company said yesterday.
Shanghai Yimin No. 1 Food Factory, a subsidiary of Bright Food, signed the deal with the Fontana family in Milan on October 1, according to a statement published on the buyer’s website. Neither side gave details of the acquisition.
In China, Bright Food is a big name in the dairy industry, as well as in the rice, pork and vegetable sectors. It now has four listed subsidiaries.
In the online statement, Bright Food promised to keep to Salov’s values and missions and help promote its development in China.
Salov distributes products under the Sagra brand name in Italy and Filippo Berio in overseas markets.
It markets in more than 60 countries, including China, where olive oil has won favor with consumers.
In 2011, Bright Food bought a 75 percent stake in Australian food company Manassen. In 2012, it bought 60 percent of British food maker Weetabix. Its acquisition of Israeli food company Tnuva is still under way.
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