Beingmate, one of China’s largest manufacturers of infant formula, saw nearly a threefold increase in revenues in its Irish operations last year.
The Shenzhen-listed company set up its first overseas subsidiary in Cork in 2013 and produces infant formula in Charleville in partnership with Kerry Ingredients. Revenues at Beingmate Ireland increased from €9.5m to €33.1m in 2015. Operating profits fell from €2m to €1.7m as operating expenses ramped up. The Irish limited company purchased €31.8m, which is mainly made up of ingredients for infant formula, in 2015. Legal fees reached €800,456 during the year.
Beingmate recently launched a new product in Cork, specifically developed for the European market, which will be produced in Charleville.
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The Chinese group has taken a large hit to its profits so far this year as a result of an alleged case of milk powder tampering. The scandal has hit Beingmate’s profits and the company recently warned investors that it was anticipating a first half loss of up to $33m, compared with a previous forecast for a profit of up to $15m.
Fonterra also has a partnership with Beingmate in China. It invested almost $500m to buy an 18% share in the company as a route into the Chinese infant nutrition market.
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Beingmate, one of China’s largest manufacturers of infant formula, saw nearly a threefold increase in revenues in its Irish operations last year.
The Shenzhen-listed company set up its first overseas subsidiary in Cork in 2013 and produces infant formula in Charleville in partnership with Kerry Ingredients. Revenues at Beingmate Ireland increased from €9.5m to €33.1m in 2015. Operating profits fell from €2m to €1.7m as operating expenses ramped up. The Irish limited company purchased €31.8m, which is mainly made up of ingredients for infant formula, in 2015. Legal fees reached €800,456 during the year.
Beingmate recently launched a new product in Cork, specifically developed for the European market, which will be produced in Charleville.
The Chinese group has taken a large hit to its profits so far this year as a result of an alleged case of milk powder tampering. The scandal has hit Beingmate’s profits and the company recently warned investors that it was anticipating a first half loss of up to $33m, compared with a previous forecast for a profit of up to $15m.
Fonterra also has a partnership with Beingmate in China. It invested almost $500m to buy an 18% share in the company as a route into the Chinese infant nutrition market.
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