Huiyuan to buy Suntory stake to expand
Print Edition
CHINA Huiyuan Juice Group has agreed to acquire an interest in Suntory (China) Holding Co under a deal for the Hong Kong-listed juice producer to tap into the tea and coffee beverage market on China’s mainland.
Huiyuan said it will buy the entire Suntory (Shanghai) Foods Co and 50 percent interest in Suntory (Shanghai) Foods Marketing Co from Suntory China for 117.7 million yuan (US$19 million), according to the statement the company filed to the Hong Kong stock exchange yesterday.
Suntory Holding Ltd, parent of Suntory China, will also subscribe to 117.7 million yuan in new shares of Huiyuan as part of the deal for the two beverage companies to tie up strategically in product development, quality control and procurement and supply management.
Huiyuan said it expects the acquisition to expand the company’s product portfolio, particularly tea and coffee, in the mainland beverage market.
Huiyuan and Suntory China will also appoint representatives to the board of the new joint venture formed by Huiyuan and Suntory Foods Marketing Co, according to the statement.
The joint venture will be granted an exclusive license for using Suntory trademarks in the mainland market.
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