Chinese Mengniu Dairy Company has stated that its principle subsidiary, Inner Mongolia Mengniu Dairy, will work with Wuhan Frealth Dairy Company to develop the dairy market in central China.
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A report by AFX said the two groups will jointly form a new company, Mengniu Wuhan Frealth Dairy Co. This new entity will consist of Wuhan Frealth’s entire dairy business, including its brand and trademark. Wuhan Frealth will hold 52% of the new company.
Inner Mongolia Mengiu will own the remaining 48%.
Wuhan Frealth, the single local brand in the Wuhan region, reported an annual turnover of approximately CNY200m (US$24.8m) in 2005. The registered capital of the joint venture is CMY60m.
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Free Whitepaper
What is the impact of China’s Zero-COVID lockdowns on economic activity, consumer goods and the foodservice industry?
- Which multinational companies have been affected?
- What is the effect of lockdowns on foodservice?
- What is the effect of lockdowns on Chinese ports?
- Spotlight on Shanghai: what is the situation there?
- How have Chinese consumers reacted?
- How might the Chinese government react?
- What are the potential growth opportunities?
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