综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

Business / Companies

Changyu invests in Spanish wine

By Wang Zhuoqiong and Ju Chuanjiang (China Daily) Updated: 2015-09-02 08:39

Changyu invests in Spanish wine

A customer buys Changyu wine in Yantai, Shandong province. [Photo/China Daily]

Company set to spend $29.5m on second overseas move after buying French cognac producer in 2013

Yantai Changyu Pioneer Wine Company Ltd, a leading winery based in Xinjiang Uygur autonomous region, is planning to take a 75 percent stake in the Spanish wine maker Dicot Partners SL, which officials said will help the Chinese firm globalize its brand portfolio.

The company is set to spend a total 26.25 million euros ($29.5 million) on the acquisition.

The stake is being bought from Spanish firms ComercialGatar and Gestion Ganuza, both of which will be left with equal shares of the remaining 25 percent of the business.

Dicot Partners is considered among the top five Spanish wine producers. It has annual capacity of 16,000 metric tons, spread across seven wine brands. Over half of its revenue is from exports, just 1 percent of which is sold in China.

Sun Jian, Changyu's deputy general manager, said the takeover - based in Rioja, the heart of one of Spain's leading grape growing regions - is part of the company's efforts to grow its international sales.

Dicot Partners becomes Changyu's second international acquisition, after it bought French cognac and brandy producer Roullet-Fransac in 2013.

Sun said Spain is China's third-largest source of imported wines, after France and Australia, "but in terms of value, Spain has become the most competitive".

He said Changyu is already looking at other international acquisition targets in major grape-growing markets.

Changyu had a strong first half year, despite the government's anti-austerity campaign which has hurt other alcoholic drinks companies.

Its revenues rose 22.75 percent to 2.8 billion yuan ($438.4 million), which delivered a net profit of 740 million yuan, a 17 percent rise.

According to Qilu Securities, Chinese wine imports increased 13.4 percent in the first six months of this year by volume, but prices fell on average by 11.1 percent.

Sun said Changyu imported 100 million yuan of wine last year, which represented 2 percent of its business, but it is aiming to increase that to 30 percent of total revenue.

Li Xinxin, chief executive officer of Chateaux Haut-vallee, a wine trading company based in Beijing, said the acquisition would "upgrade Changyu's technology knowhow, lift its production capacity and diversify its brand portfolio".

Li also expects more Chinese wine makers to look abroad to acquire international brands.

Hot Topics

Editor's Picks
...
南康市| 嵊州市| 龙山县| 凉城县| 肥城市| 柳州市| 乌兰察布市| 日喀则市| 商河县| 平武县| 广宗县| 都江堰市| 凤凰县| 肃南| 许昌市| 昭平县| 资兴市| 望谟县| 楚雄市| 昌江| 麻栗坡县| 开阳县| 东至县| 潞城市| 淮北市| 达拉特旗| 行唐县| 余姚市| 富蕴县| 济源市| 平湖市| 安顺市| 清远市| 宽城| 通榆县| 固始县| 商丘市| 枣阳市| 尉氏县| 阜阳市| 正镶白旗|