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March 17, 2020

China’s Sichuan Huiji Food Co. sells majority stake to Grass Green Group

China-based snacks firm Sichuan Huiji Food Co. has sold a majority stake to the investment arm of a major local agricultural firm.

By Dean Best

China-based snacks firm Sichuan Huiji Food Co. has sold a majority stake to the country’s Grass Green Group, the investment arm of privately-owned agricultural major New Hope Group.

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The exact size of the stake disposed of and financial terms were not disclosed in a statement.

Lu Jingang, the founder and chairman of Sichuan Huiji, said: “New Hope Group is a leading conglomerate in China with a strong presence and premium market position in the agriculture and food industries. We’re delighted to partner with a market leader which will bring valuable expertise in supply-chain management and channel expansion to us at this pivotal stage of our evolution. We believe our partnership will create significant synergies for both parties.”

Green Grass has also formed a “strategic partnership” with Huiji, which makes better-for-you branded snacks and will continue to be led by Lu.

Xi Gang, the president of Grass Green, added: “Huiji is a leader in the snack food sector with high quality products and a professional management team. We’re excited to partner with Mr. Lu and his team to continue to upgrade the snack food industry, leveraging Huiji’s strong brand and product development capabilities.”

Related Companies

Free Whitepaper
img

What is the impact of China’s Zero-COVID lockdowns on economic activity, consumer goods and the foodservice industry?

While wanting to protect the country from being overwhelmed by Omicron, China’s adherence to a Zero-COVID policy is resulting in a significant economic downturn. COVID outbreaks in Shanghai, Beijing and many other Chinese cities will impact 2022’s economic growth as consumers and businesses experience rolling lockdowns, leading to a slowdown in domestic and international supply chains. China’s Zero-COVID policy is having a demonstrable impact on consumer-facing industries. Access GlobalData’s new whitepaper, China in 2022: the impact of China’s Zero-COVID lockdowns on economic activity, consumer goods and the foodservice industry, to examine the current situation in Shanghai and other cities in China, to better understand the worst-affected industry sectors, foodservice in particular, and to explore potential growth opportunities as China recovers. The white paper covers:
  • 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?
by GlobalData
Enter your details here to receive your free Whitepaper.

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