Reported about 12 hours ago
Bakkavor, a UK-based supplier of fresh products, has sold its Chinese operations to Lihe Xing (Qingdao) Food Technology Co. for approximately £50 million. This sale includes seven manufacturing facilities that employ about 2,300 workers and generated £105 million in revenue last year. The move marks Bakkavor's complete exit from the Chinese market as part of its strategy to simplify operations, with the deal expected to close later this year pending regulatory approval. CEO Mike Edwards expresses confidence in the new ownership's local expertise.
Source: YAHOO