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Mengniu becomes official Boao Forum sponsor
By Ding Qingfen (China Daily)
Updated: 2007-03-14 10:28
The sponsorship is the latest in a series of moves to boost its presence on the international market, including a joint venture with France's Danone last December and a partnership with Malaysia Seagull Group and the National Basketball Association in January. Mengniu made it a priority to expand overseas last year, when it gained a dominant position in the domestic milk market. "By 2010, Mengniu will become the No 20 milk producer in the world and its revenue will reach 28 billion yuan," Yang Wenjun, Mengniu's president, told China Daily. Although Mengniu is the largest of its kind in milk exports, the overseas market contributes only 10 percent of its sales. This is the first year the annual economic forum's organizers have sought an emerging domestic company as a sponsor. For years the Boao partnership list included only international giants like Microsoft and Merrill Lynch. This year, along with Mengniu, Kweichow Moutai is also included on the sponsor list. "Boao has been considering partnering with major domestic companies, and brands with sustained growth potential in particular, to provide them with an international platform from which to develop," Long Yongtu, secretary-general of the Boao Forum, told China Daily. "Now is an opportune time, and Mengniu was eminently qualified to win out as our sponsor over the many foreign candidates," he added. The sponsorship deal is valid only for this year, but further details were not available. "We hope the partnership can continue," Long said. He said he was impressed with Mengniu's growth to become a major industry player in just seven years, as well as its long-term commitment and patience in fostering the brand. "It is wise of them (Chinese companies) to put greater efforts into branding rather than just concentrating on business figures," Long said. Mengniu is expected to report its results for 2006 in April. Yang said the results would be "reasonably pleasing". Mengniu posted revenue of 10.8 billion yuan and profit of 457 million yuan in 2005. (For more biz stories, please visit Industries)
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Inner Mongolia Mengniu Dairy Industry (Group) Co Ltd, China's largest milk producer by sales revenue, said yesterday it had been named official sponsor of the Boao Forum for Asia.