Iceland-based food company Bakkavör Group has acquired Yantai Longshun Foods, a Chinese vegetable and fruit supplier, for an undisclosed sum.
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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By GlobalData