October 19, 2016
As part of its strategy to expand into the Chinese market, Philippine fruit and vegetable company, AgriNurture Inc. has acquired a 49 percent stake in Chinese commodity trading company, Zongshan Fucang Trade Co. Ltd. (Fucang) for US$6.3 million.
Located in Guangdong Province, Fucang imports rice and fruit into China from Southeast Asia and exports spices from China to a range of global markets. It also has interests in cold storage facilities, a food terminal and rural real estate development according to Philstar.
AgriNurture is a well-established fruit, grain, and vegetable supplier to both retail and institutional buyers. The company, which is divided into the three business units of export, local distribution, and retail and franchising, supplies mangoes, bananas, pineapples and papayas to Japan, Korea, China, Europe, North America and the Middle East. It also has invested in vapor and hot water treatment facilities or the treatment of the mangoes its exports.
The company’s brand portfolio includes Fresh Choice Always wellness food products, La Natural coconut juice, Nikka mango nectar and tamarind juices, Sungrown rice, Superfresh and Big Chill fresh fruit beverages and dessert kiosks, Canecoctions sugar cane juice, and Fresh Bar, C’Verde and Cafeteria Verde for health snack bars and cafeteria offerings.
“The acquisition of 49-percent interest in Zongshan Fucang Trade Co. Ltd. is expected to aid in the expansion of the trading business of the company as well as to develop a new distribution network in China,” stated the company.
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