Asiatic Giant Bright Food buys Italian olive oil group Salov

Asiatic Giant Bright Food buys Italian olive oil group Salov

10/22/2014 - China's second-largest food conglomerate has agreed to buy a majority stake in Italian olive oil group Salov, responsible of Sagra and Filippo Berio brands.
The Chinese group has said in a statement that it has purchased the participation of the Fontana family, who will keep a minority interest in it, but have not revealed the details of the agreement. What they have highlighted is that the Italian group will maintain its production in Italy.

Salov, producer of olive oil, seed oil and derived products is currently present in over 60 countries, leading the United States market, with a share of 19%, and Britain's, with a share of 23%.

Bright Food, meanwhile, owner of Uk brand Weetabix, said that the purchase of Salov is in line with their "health, food quality and safety standards, and hopes that this action "will promote Mediterranean cuisine through Chinese consumers."

As financial media such as Wall Street Journal have highlighted, consumption analysts indicate that the growing prosperity of the Chinese middle class, along with increasing holidays abroad are driving Chinese interest in foreign food, with great prominence in olive oil, known as a healthy form of fat used in cooking.

In fact, the Asian giant has indicated that it wishes to acquire more food brands abroad.

Bright Food has set the goal of expanding its international assets to 25% in the next three years, compared with 12% who have said last February, in words of Ge Junjie, vice president of the group.

In fact, last May, the Asian group released a deal worth $ 960 million for the acquisition of a 56% stake of the largest food producer in Israel, Tnuva, from Apax Partners, a private-equity firm based in London. Through this agreement, Bright Food projected to grow its dairy products market in China, with cheese as a spearhead, a product that has become very popular recently among consumers in the Asian country.

Note that foreign food brands still enjoy a good reputation in China, despite recent scandals that questioned the quality of foreign fast food chains like McDonalds and KFC.
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