Yili closes deal with DFA in setting up US dairy plant
(English.news.cn)
Updated: 2014-11-15
HOHHOT, Nov. 13 (Xinhua) -- Inner Mongolia Yili Industrial Group, one of China's largest dairy providers, has signed a deal with US milk cooperative Dairy Farmers of America (DFA) to set up a world class dairy plant in Kansas.
The joint venture has a registered capital of $100 million with Yili holding 30 percent of the stake, according to a bulletin published by the Shanghai-listed firm on Thursday,
The new plant plans on producing 80,000 tonnes of dairy powder a year.
Zhang Jianqiu, CEO of Yili, said bridging American dairy farmers with Chinese consumers, the project was a win-win deal. For the Yili, it improves dairy making technology and quality management.
Yili reaped net profit of 2.3 billion yuan ($374.6 million) in the first half of this year, a jump of 31.93 percent year on year, ranking first among Chinese dairy producers, according to a company report in August. The dairy company's operating revenues during the period reached 27.3 billion yuan, up 13.59 percent year on year.
High-speed train debuts in Inner Mongolia
A bullet train departed Hohhot East Railway Station for Ulanqab marking the start of high-speed rail services using Inner Mongolia’s first newly-laid high-speed railway on Aug 3.
