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Food firm gets taste for growth

Update Date:2016-11-8 14:49:34 Source:BeiJing Tannet Views:729
Company, that also specializes in energy and equipment, brings its expertise in finance, tech and innovation to a clutch of industries across the world

China's specialist equipment maker CIMC ENRIC Holding Ltd will continue mergers and acquisitions in developed countries as part of its expansion into markets along the Belt and Road Initiative.

The energy, chemical and liquid food equipment company is a major subsidiary of China International Marine Containers (Group) Ltd, the country's largest transportation equipment producer by revenue.

In June, the subsidiary bought out the United Kingdom-based Briggs Group Ltd, a food equipment provider, for 23 million pounds ($28.6 million).

CIMC ENRIC's technologies are expected to double Briggs' revenue as well as profit over the next five years.

This is the third food equipment business that CIMC ENRIC acquired in Europe. The previous two pickings have seen substantial localization of their operations, which benefited their domestic markets.

The article transsshipment from China Daily

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