Jan 07, 2020 (China Knowledge) - According to stock exchange filings, China’s diary producer and distributor Mengniu Dairy (2319) is set to acquire a 5% equity stake in Shanghai Milkground Food Tech (600882), a China-based dairy manufacturer.
Shanghai Milkground Food Tech currently focuses on research and development, as well as the manufacturing and sales of dairy products in China. Some of the company’s products include cheese slices, pure milk and yogurt drinks, among others. The company has production facilities across China, such as Tianjin and Jilin.
Mengniu Dairy’s acquisition of equity stake in Shanghai Milkground Food Tech is part of efforts to enlarge its market share in the dairy industry. The acquisition will boost Mengniu Dairy’s growth within the domestic market. In addition, Mengniu Dairy is also eyeing to expand its international market presence, following its acquisition of infant formula maker Bellamy’s Australia for USD 980 mln in Nov last year.
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