China's dairy giant Yili group announced on Thursday that it had taken over Chomthana Co. Ltd, Thailand's largest ice cream company, to further accelerate its pace of going global.
The deal between Yili and Chomthana is expected to fully utilize complementary advantages between China and Thailand, giving full play to strategic synergies and a step closer to "a healthy world for all".
Chomthana is the largest ice cream and frozen food distributor in Thailand. It performs well in Thailand's domestic market and 13 foreign markets where it is well received by consumers.
Data showed that Yili kept more than double digits revenue growth rates from 2008 to 2015, with revenue exceeding 68 billion yuan in 2017, up 12.29 percent year on year. The return on net assets has remained above 20 percent for many years, ranking first in the world's dairy industry.
The acquisition of Chomthan will further enhance Yili's performance and deepen the win-win cooperation of the global dairy industry.
As another step of internationalization, the dairy giant had previously co-established a R&D center in Europe with Wageningen University, and shared products and the "Yili quality" with Indonesian consumers earlier this year.
Enterprises should converge global energy, insist on continuous innovation, and always try to better meet customer needs by resourcing on global scale, according to Yili president Pan Gang.
Yili is a respectable company with its ever-holding high quality and continuous internationalization and innovation, according to Soh Chee Yong, president of Chomthana.
The deepening global economic integration and the implementation of the Belt and Road further fueled Yili’s internationalization pace.
Yili has continuously expanded overseas channels and led the Chinese dairy industry to go global under the Belt and Road Initiative, accelerating the flow of high-quality resources in the global industrial chain, according to Chen Yu, a senior dairy analyst.
Yili's internationalization drive will have a positive impact on the development of global dairy industry and will fuel the development of China's dairy industry as well as the global dairy industry, Chen said.