China’s Yili signs agreement to acquire Thai ice cream maker Chomthana

Yili Group, a state-owned company of the dairy industry in China, has signed an agreement to acquire Thailand-based ice cream company Chomthana.

Financial details of the acquisition have not been divulged by both companies.

Chomthana president Soh Chee Yong said: “Through many contacts and talks, we believe that Yili is a respectable company.

“Since its creation, Yili has been adhering to the quality belief and has been renowned worldwide for its continuous internationalisation and innovation. Under the dream of ‘let the world share health’, Yili products have won the trust of global consumers. Yili is a truly concerted enterprise with consumers.”

Chomthana is one of the largest domestic ice cream and frozen food distributors in Thailand. It manufactures ice cream, bread and dessert.

Besides catering to the domestic market, Chomthana’s products are exported to 13 countries across the globe.

Yili Group CEO Zhang Jianqiu said: “Acquiring Chomthana is an important measure for Yili to gather global energy and deepen mutual benefit and achieve a win-win situation.

“In the process of promoting internationalisation, Yili always adheres to the concept of ‘openness, cooperation and win-win’, and devotes to the dream of ‘making the world healthy’.”

The acquisition is part of Yili’s expansion plan.

This year, Yili Group upgraded its European Innovation Center through collaboration with Wageningen University in the Global Dairy Mount Everest. It also listed its products in the Indonesia market.