China’s Bright Food will restructure its sugar business and accelerate global acquisitions, notably in the dairy sector, this year.
The company confirmed its ambitions to just-food late last week. A spokesman said: “Globally, we are interested in resource-based enterprises whose businesses are in line with our strategy.”
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Chairman Wang Zongnan said last Wednesday (19 January) that Bright’s restructuring of its sugar businesses was aimed at securing a Hong Kong-stock exchange listing of its sugar companies.
Bright’s sugar assets have been booming, the spokesman said. “We sold over 2m tons of sugar in 2010, contributing a record of CNY10bn (US$1.5bn) in sales,” the spokesman said.
The rise in sugar revenues helped Bright boost profits in 2010 to CNY3.2bn, up 45% year-on-year.
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Meanwhile, the spokesman pointed to New Zealand-based dairy firm Synlait Milk, which Bright bought in July, as an example of the kind of acquisition the company will seek in that sector.
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By GlobalDataThis year, it will supply Bright with milk powder, helping it tap China’s lucrative infant formula market, which now is dominated by international brands such as Wyeth and Mead Johnson.
