PB Gelatins, the gelatine unit of the Tessenderlo Group, is establishing a joint venture with Chinese company Zhejiang Feipeng Gelatin Industry Co with a view to developing high quality gelatine products.
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The JV will be named PB Gelatins (Pingyang) co, and will be based in Wenzhou, in south-eastern China. Tessenderlo will hold an 80% stake in the newly formed company and Zhenjiang will hold the remaining 20%.
Tessenderlo said that the deal allowed the company to take a major step into the Chinese market, ensuring PB Gelatins presence in the three markets identified as most important by the company – Europe, North America and Asia.
Financial details of the deal were not disclosed.
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