China: TCP Group to invest $149.3 million to expand presence in China

Thai enterprise TCP Group has announced its plans to invest ¥1.06 billion ($149.3 million) to expand its presence in the Chinese market, over the next three years.

This investment intends to support its local partnerships, establish a new representative office, in-country team, and manufacture centers as well as support the launch of new Red Bull products and other products from the company’s portfolio.

According to sources, the company expects this investment to drive major increases in the production and sale of Red Bull products in China.

Saravoot Yoovidhya, CEO of TPC, said: “China, as my family’s ancestral home, has always been at the front and centre of our ambitions to become a global ‘House of Brands,’ and our new commitment will help make that aspiration a reality, by strengthening our foundations in-country and therefore empowering TCP to bring the very best of Red Bull to Chinese consumers”.

Sources: FoodBev