Master Kong Instant Food Investment Co., Ltd (00322.HK) announced Thursday that it would acquire the entire equity of its joint venture Calbee (Hangzhou) Foods Co., Ltd held jointly by Japanese Calbee and Itochu Corporation and thus terminate the joint-venture relationship.
Master Kong said that although both Calbee and the company were optimistic about the huge development potential of China's snack food market, they became gradually divided as to the future development strategy and operational objectives of the joint venture. The parties decided that Master Kong would undertake and continue to operate the existing business of the joint venture after negotiations.
Master Kong established Calbee (Hangzhou) jointly with Calbee Inc. and Itochu Corporation in August, 2012. The Hangzhou-based company is engaged in the production and sales of snack food in Chinese mainland.
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