Yili buys stake in Thailand's ice-cream manufacturer
Representatives from Yili Group and Thailand's Chomthana sign an acquisition agreement in Bangkok, Thailand, on Nov 29. [Photo/Yili Group]
China's dairy giant Yili Group signed a definitive agreement to acquire Chomthana, Thailand's largest ice-cream manufacturer, at a ceremony held in Bangkok, Thailand, on Nov 29.
Founded in 1979, Chomthana is a market leader in ice-cream and frozen food that has gained great popularity among consumers in 13 foreign markets including the Middle East and Myanmar.
The acquisition is part of Yili's efforts to expand into the Southeast Asian market. It recently released 11 new products in Indonesia's capital Jakarta on Oct 23.
Zhang Jianqiu, executive president of Yili, said at the ceremony that the company has continued to build a presence in the global market with an open mind.
Taking the opportunities of the Belt and Road Initiative, Yili will speed up building its global network of integrated resources, added Zhang.
Thailand is major country in Southeast Asia and plays a important role in the implementation of the Belt and Road Initiative. The acquisition will help Yili gain a greater footing in Southeast Asia.
“The acquisition represents a milestone in Yili's journey of going global,”said Shen Meng, executive chairman of Chanson Capital.
Yili is a renowned company and has gained the trust of consumers across the world, said Soh Chee Yong, chairman of Chomthana at the ceremony.
Statistics show that Yili has maintained double-digit growth rates from 2015 to 2018. In 2017, the company reported an annual revenue of over 68 billion yuan ($9.79 billion), a year-on-year increase of 12.29 percent.
Attendees at the ceremony held in Bangkok, Thailand, on Nov 29 [Photo/Yili Group]