USEUROPEAFRICAASIA 中文雙語Fran?ais
    Business
    Home / Business / Companies

    Bright to sell most of Weetabix stake

    By Xu Junqian in Shanghai | China Daily | Updated: 2017-04-19 08:50

    Bright to sell most of Weetabix stake

    A customer places a packet of Weetabix breakfast cereal into a shopping cart at a supermarket in Slough, UK. [Photo/Agencies]

    Shanghai-based food conglomerate Bright Food Group Co has confirmed it will sell the majority of its stake in UK cereal brand Weetabix to US cereal company Post Holdings, the group's spokesman told China Daily on Tuesday.

    The sale is projected to be worth $1.76 billion, according to Reuters. Bright Food will remain as a stakeholder in the brand and continue to help it expand in the Chinese market, according to the company.

    "The move will help Bright Food better leverage its financial and human resources for its globalization strategy," said Pan Jianjun, spokesman for the State-owned conglomerate, which has made several acquisitions globally in recent years.

    Bright Food acquired a 60 percent stake in private equity firm Lion Capital in 2012 for 1.2 billion pounds ($1.51 billion), making it the largest overseas deal made by a Chinese company in the food and beverage sector worldwide back then.

    Weetabix's overall sales declined by 1.6 percent to 346 million pounds by the end of 2015, according to the company's latest financial statements. The UK market accounted for more than 80 percent of its sales.

    Pan denied that the sale was due to the stagnant performance of the brand, adding that China has become the third-largest market for Weetabix in the five years since the acquisition.

    Statistics from Nielsen showed that sales of ready-to-eat cereals dropped at a combined annual growth rate of 1.5 percent from 2009 to 2014, while sales of overall breakfast foods are growing.

    Loris Li, senior food and beverage analyst with UK consultancy Mintel, said that for cereals, it's more a challenge of the deeply rooted culinary habits. Among Chinese consumers aged from 20 to 49 and interviewed by the consultancy in 2016, 67 percent opted Chinese traditional breakfasts like noodles or dumplings instead of Western foods. But a popular TV series featuring an Australian cereal brand named Weetbix (rebranded as Nutribrex this year) had boosted sales of the brand by 50 percent last year.

    Kellogg, the world's largest cereal company, has made three attempts to gain market share in China since 1993, either by itself or through joint ventures.

    Most Viewed in 24 Hours
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    小泽玛丽无码视频一区 | 蜜桃成人无码区免费视频网站 | 无码精品蜜桃一区二区三区WW| 精品人妻V?出轨中文字幕| 97碰碰碰人妻视频无码| 亚洲日韩精品一区二区三区无码 | A级毛片无码久久精品免费| 熟妇人妻系列aⅴ无码专区友真希| 中文字幕久久波多野结衣av| 精品欧洲av无码一区二区三区| 国产成人无码区免费网站| 中文字幕亚洲色图| 亚洲一区无码中文字幕| 亚洲人成人无码网www国产| 精品三级AV无码一区| 无码h黄动漫在线播放网站| 精品无码国产自产在线观看水浒传| 视频一区中文字幕| 狠狠躁夜夜躁无码中文字幕| 伊人久久大香线蕉无码麻豆| 久久无码精品一区二区三区| 久久久久亚洲av无码专区| 亚洲Av无码专区国产乱码DVD| 中文字幕无码无码专区| 曰批全过程免费视频在线观看无码| 日韩免费码中文在线观看 | 日韩人妻无码中文字幕视频| 亚洲一区二区无码偷拍| 亚洲精品无码日韩国产不卡?V | 免费无码AV一区二区| 无码av免费一区二区三区试看| 成人无码精品1区2区3区免费看| 精品无码日韩一区二区三区不卡| 久久av无码专区亚洲av桃花岛| 久久综合精品国产二区无码| 精品无码国产污污污免费网站| 国产精品无码成人午夜电影| 成人午夜福利免费无码视频| 久久亚洲精品无码播放| 在线精品自拍无码| 娇小性色xxxxx中文|