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Nestle buys majority stake in Chinese candy maker

Nestle buys majority stake in Chinese candy maker

Nestle says it has agreed to buy a majority stake in Chinese candy maker Hsu Fu Chi for 2.1 billion Singapore dollars ($1.7 billion).
The world's largest food and drink company says it will acquire 60 percent of the Singapore-listed confectionary company leaving the Hsu family with a remaining 40 percent stake.
It says Hsu Fu Chi's current CEO and chairman, Hsu Chen, will continue in those roles.
The announcement Monday by Switzerland-based Nestle reflects the company's expansion plans in emerging economies where its sees the strongest chances of future growth.
Hsu Fu Chi sells candies, cakes and pastries. It was started in 1992 by four Taiwanese brothers and has grown into one of China's largest confectionary companies.


Updated : 2021-05-13 11:10 GMT+08:00