China Food Company sells feed business to Korean company
The Chinese sauce company, China Food Company, has announced it has reached an agreement to sell its animal feed business for US$ 16 million and has said it will now focus on its core operations in condiments.
The Korean holding company, Wisehand Planning, will acquire the existing operations for US$ 8.75 million, a new feed mill for US$ 5.5 million, and the land where a new unit is being built, for US$ 1.75 million. The China's Food Company's animal feed business made a profit after tax of US$ 2.5 million in 2011.
Information provided by Dow Jones