Jiangxi Taina Nanfeng Orange Co. Ltd. Acquired Huangjia Nanfeng Tangerine Orange Co. Ltd. to Expand in the Market
The acquisition of Huangjia Nanfeng is a stepping stone for CHFR to realize its product diversification objectives.
26/02/07 Jiangxi Taina Nanfeng Orange Co. Ltd., a Chinese company engaged in the planting and marketing of oranges and orange related products, announced that it has entered into an agreement with Huangjia Nanfeng Tangerine Orange Co. Ltd. to acquire the assets and businesses of Huangjia Nanfeng in order to help realize its goal of rapid expansion in the orange market.
In 2007, CHFR will acquire the assets and businesses of the Huangjia Nanfeng, including over 360,000 acres of orchards, 240,000 acres of land with a reservoir, a manufacturing plant situated on over 20,000 acres, as well as the distribution network of the Huangjia Nanfeng. After the merger has closed, CHFR will own all of Huangjia Nanfeng's plants, orchards, and fruit wine and drink production lines. The acquisition of Huangjia Nanfeng is a stepping stone for CHFR to realize its product diversification objectives.
Mr. CHEN Quanlong, Chairman of the Board of CHFR pointed out, "After CHFR acquires the assets and businesses of Huangjia Nanfeng Tangerine Orange Co. Ltd., the benefits we gain, such as its marketing resources, will further strengthen our position in this industry and expand our market share. Moreover, Huangjia Nanfeng's production lines and advanced technology will allow us to develop new products more rapidly while meeting our product diversification goals."
Huangjia Nanfeng Tangerine Orange Co. Ltd. was established on February 26, 1999 with registered capital of RMB30 million (or USD$3.75 million) and is located in Nanfeng, China, in the Jiangxi province. The company is mainly involved in growing and marketing Nanfeng tangerine oranges; production and sales of fruit wine and non-alcoholic beverages; R&D in fruit biotech and deep-processing, event organization, management and consulting for fruit branding. The company currently has total assets of over RMB100 million (of USD$12.5 million), realized sales income of RMB60 million (or USD$7.5 million), and net profit of RMB5 million (or USD$625 thousand).
