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.” 

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. 

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.

This 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.