Business Intelligence on Retailing, Franchising, and Consumerism in China

China's Xiwang Food Acquires Canadian Diet Food Company For CNY3.8 Billion

China's Xiwang Food, which is known for its corn germ oil product, announced that the company will acquire the entire stake in Kerr Investment Holding Corp. for a total consideration of USD5.84 million, which is about CNY3.846 billion.

According to a report published by Xiwang Food, the company plans to sign a share purchase agreement with The Toronto Oak Trust and Kerr Investment Holding Corp.

Canada-based Kerr is headquartered in Oakville, Ontario, and The Toronto Oak Trust owns a 100% stake in the company. Kerr is mainly engaged in the research, development and marketing of sports nutrition and diet food and the company operates more than ten brands, including Muscle Tech, Six Star, Hydroxycut, and Purely Inspired. Kerr's production is outsourced to third-party manufacturer Iovate Health.

Xiwang Food is a wholly-owned subsidiary of Shandong Xiwang Group. The company has established the largest corn germ oil production and operation company in China and its major product is Xiwang-branded corn germ oil.

Xiwang Food said that on the completion of the acquisition, the company will enter the sports nutrition and health product market, which will become its new profit growth point. At the same time, the company will expand its overseas market and accelerate its global strategic plans.

During the first quarter of 2016, Xiwang Food realized operating revenue of CNY630 million, a year-on-year increase of 1.99%; and its net profit was CNY54.086 million, a year-on-year increase of 10.05%.

Be the first to comment on "China's Xiwang Food Acquires Canadian Diet Food Company For CNY3.8 Billion"

Leave a comment

Your email address will not be published.


  Other China News

AutoNavi, Delphi Reach Deal

Hisense's Net Profit Down 47.39% In First Three Quarters Of 2017

Airbnb China Head Resigns

DMG To Buy China Rights Of Forbes Brand


Chinese Electric Bus Manufacturer Lands USA Deal

American Electric Car Manufacturer To Build In China

U.S. Clean Water Company Makes Chinese Inroads

GE Will Promote Wind Power Through New Chinese Education Center

JD To Build Global Logistics Headquarters In Xi'an

Wumart, AGS Sign Agreement For Seafood Direct Procurement

India Gains Second Factory From China's Xiaomi

85% of Indian Staff To Lose Jobs At China's LeEco