China-based food firm American Lorain Corp. is to buy a majority stake in French prepared foods company Athena Group.
American Lorain has struck a deal to pay just under EUR2m for 51% of Athena, which supplies Asian foods to French supermarket chains.
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American Lorain said Athena, which sells products including coconut milk, noodles and soy sauce, covers over 80% of the supermarket chains in France.
As well as branded products, Athena also suppliers own-label Asian food products for retailers including Carrefour and Auchan, American Lorain said.
Si Chen, American Lorain’s chairman and CEO, said: “American Lorain has been giving increasing emphasis in recent years to building a stronger international sales network and this acquisition marks the other important step for American Lorain along with our sustained marketing and operating efforts in Japan as well as domestic China.
“France is in a central position in Europe’s food supply as well as logistics, and this acquisition will potentially enable American Lorain to achieve a strategic command of the whole chestnut industry value chain in Europe, yielding significant synergy together with American Lorain’s China operations. We will provide strong support for raw material as well as procurement of Asian food supplies in China, and will also be able to take full advantage of Athena’s existing sales channels in Europe to supply not only chestnuts but also other food products desired by the European market.
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