French dairy producer Bel Group has announced the acquisition of 70% shares of the Chinese cheesemaker Shandong Junjun Cheese.
As well as manufacturing cheese, Shandong Junjun Cheese is the fourth-largest milk producer in China. The company has reportedly achieved over 100% annual growth since 2018.
According to a statement released by Bel, the investment will help the French giant with its international expansion strategy and reinforce its growth in manufacturing and innovation in China. The agreement also licenses and authorizes the French group to operate Shandong Junjun Cheese’s factory.
Bel Group CEO Cécile Béliot said: “With the acquisition of majority stake in Shandong Junjun Cheese, we are pursuing our growth strategy by expanding our product portfolio and strengthening our manufacturing footprint. Our will to accelerate in new territories is at the heart of our growth strategy, as well as our re-balancing around the dairy, fruit, and plant-based segments of healthy snacking”.
“We have chosen Shandong Junjun Cheese, a company with huge industrial capabilities and innovation potential”, he added. “This will enable us to increase our scale on the Chinese market and compete for leadership”.
Source: Bel Group