Hong Kong-listed snack food group Tingyi and Japanese ham and sausage firm Prima Meat Packers is to set up a venture in China to manufacture meat products.
The two companies have struck a deal to set up a business in Wujian in China’s eastern Jiangsu province.
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Tingyi will invest US$14.4m in the venture, in which it will hold a 60% stake. Prima will own the remaining 40%.
Tingyi, the leading producer of instant noodles in China, said today (18 May) the venture would “further strengthen” its “instant food business” in the country. The deal would also lead the company to produce and distribute “an even more diversified range of food products” in China.
The deal is the latest Chinese venture for Tingyi. Last month, it announced plans for a snacks business with Japanese groups Calbee and Itochu. Prima counts Japanese conglomerate Itochu as one of its investors. Itouch owns a 40% stake in Prima.
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