Iceland-based food company Bakkavör Group has acquired Yantai Longshun Foods, a Chinese vegetable and fruit supplier, for an undisclosed sum.
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Longshun Foods supplies vegetables and fruit to the retail and foodservice sectors in China. The company, established in 2001 and headquartered in Lai Yang City, a port 120 km from Quingdao, employs in excess of 240 people.
Bakkavör said the deal, which was financed by Mizuho Corporate Bank, will give it access to a good source of high-quality raw materials, broaden its product portfolio and increase its geographic coverage.
The Reykjavík-based company said Longshun will be consolidated into the group from the acquisition date, but the purchase will not have a material effect on its financial results.
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