VEVEY (dpa-AFX) - According to reports, Ministry of Commerce of China has approved the bid made by Nestle for stake in Yinlu Food Group. Nestlé announced in last April that the company has signed a partnership agreement taking a 60% stake in the Yinlu Foods Group.
Yinlu is a marketer for ready-to-drink peanut milk and ready-to-eat canned rice porridge. Yinlu's 2010 sales amounted to around CHF 750 million.
Nestlé has been present in China for over twenty years and the company operates 23 factories, two R&D Centres and employs 14 thousand people. Nestlé in the China region achieved sales of CHF 2.8 billion in 2010.
Nestlé and Yinlu, Together plan to continue to develop their brand and manufacturing capabilities, in particular in the Central and Western part of China.
Copyright RTT News/dpa-AFX