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China Foods to buy wineries in Australia, US

Updated: 2013-04-02 07:50
By Zhou Siyu ( China Daily)

China Foods to buy wineries in Australia, US

China Foods Ltd - the Hong Kong-listed consumer food arm of Cofco, the country's largest State-owned food conglomerate - will buy two or three wineries in Australia and the United States, in a bid to expand its wine sales while fending off competition from surging wine imports.

The acquisitions, aimed at locally renowned brands, will be worth at least $20 million and are expected to be completed within the next two years, China Foods' Managing Director Luan Xiuju said at a news conference in Beijing on Monday.

"I've visited the wineries. Now everything depends on the progress of our talks with them," she said.

China Foods to buy wineries in Australia, US

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