Virginia Dare and We-e Flavors Form Joint Venture in China
27 Mar 2013 --- Virginia Dare, a leading American flavor company, and We-e Flavors of China have joined together to establish a new full service flavor company based in Shanghai. The two firms signed a joint venture agreement on December 31, 2012.
The new venture will allow both companies to better capitalize on business opportunities in China, one of the world’s largest and fastest growing economies. We-e’s existing understanding of the Chinese market will provide Virginia Dare with a turn-key operation in China. Virginia Dare brings its vast flavor portfolio, applications experience, technology base, and internationally recognized expertise in vanilla, tea and coffee to the joint venture. These strengths will be complemented by We-e Flavors extensive flavor portfolio and local market business knowledge.
Virginia Dare is a privately held flavor and extract company founded in 1923. Located in Brooklyn, New York, the company creates and supplies high quality flavors for the food, beverage, nutritional and pharmaceutical industries. It sells its products in more than 100 countries. Virginia Dare President, Howard Smith, Jr. points out, “A joint venture with a local champion makes our entry into China unique. It brings us closer to our customers in China and provides us with immediate access and cultural knowledge in a critical market.”
We-e Flavors, under the management of founder Aaron Gao, has achieved strong annual growth since its creation in 2006. Mr. Gao has previously held top management positions at major international food and flavor companies, and will continue as the General Manager of the new joint venture. Commenting on the company’s success, Mr. Gao indicates, “We can attribute We-e’s great success to the company’s deep understanding of its home market’s taste preferences and culinary diversity, full range of flavor products, regional approach to sales, and unparalleled technical support services.” The synergies created by the new venture will bring both companies’ customers a multitude of benefits such as exciting new flavor offerings, expanded knowledge of both global and Chinese markets and new product concepts for customers worldwide.
The venture will proudly use the new Chinese name ???? (wei yi wei de), which references the strength of great flavor, along with the long standing Virginia Dare name. The company will operate from the site of the former We-e Flavors which is conveniently located just south of Shanghai’s city. The facility has full flavor creation, product application, and production capabilities.
