Chinese food conglomerate COFCO has formally taken over the Chinese instant noodle maker Wugudaochang, which previously applied for bankruptcy protection.
The instant noodle maker will resume production in May 2009.
COFCO has appointed Song Guoliang, co-founder of Master Kong and president of Baixiang Instant Noodle, as the general manager of Wugudaochang; Wang Haihui, former executive president of Wugudaochang, as vice general manager; and Li Dongming and Zhang Xiaoshi, who come from COFCO, will also be vice general managers for Wugudaochang.
Qu Zhe, president assistant of COFCO, said after COFCO takes over Wugudaochang, it will continue to focus on the non-fried instant noodle business. At the same time, COFCO will enter the fried instant noodle market on a small scale, since Wugudaochang also has production capacity for fried instant noodles.
COFCO added that the company's instant food business will not be limited to the instant noodle business. In the future, it will seek more acquisition opportunities in the microwave food and frozen food sectors.