Minister for Agriculture, Simon Coveney, and met the Chairman and Vice Chairman of the Bright Food Group during a visit to China in 2014.
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The purchase would provide a platform to bring western-quality to China, while promoting its own products worldwide. The target has not been revealed by the company.
The state owned company, which is in the middle of a drive to globalise, purchased a controlling interest in Synlait, a major dairy in New Zealand in 2010, and acquired 75% of Australian food producer Manassen Foods in 2011. They went on to buy a 60% stake in Weetabix, the British cereal company and then in 2014 paid over €2 billion for a 56% share in Israeli dairy Tnuva.
The company’s vice president, Ge Junjie, said the weak euro and soaring Chinese demand for imported food and the growing awareness among international businesses of the potential of the Chinese market were driving the pace of Bright’s global strategy.
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He also said: "Bright Food aims to be a multinational food giant. We are not splashing out massive amounts of funds to acquire all kinds of foreign food businesses. We hope to bring in capable managers and good management styles to enhance our governance."
Overseas units made up just 10% of the firm’s business last year, but are planned to reach 25% within five years.
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The purchase would provide a platform to bring western-quality to China, while promoting its own products worldwide. The target has not been revealed by the company.
The state owned company, which is in the middle of a drive to globalise, purchased a controlling interest in Synlait, a major dairy in New Zealand in 2010, and acquired 75% of Australian food producer Manassen Foods in 2011. They went on to buy a 60% stake in Weetabix, the British cereal company and then in 2014 paid over €2 billion for a 56% share in Israeli dairy Tnuva.
The company’s vice president, Ge Junjie, said the weak euro and soaring Chinese demand for imported food and the growing awareness among international businesses of the potential of the Chinese market were driving the pace of Bright’s global strategy.
He also said: "Bright Food aims to be a multinational food giant. We are not splashing out massive amounts of funds to acquire all kinds of foreign food businesses. We hope to bring in capable managers and good management styles to enhance our governance."
Overseas units made up just 10% of the firm’s business last year, but are planned to reach 25% within five years.
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