Monday, November 9, 2015

09/11/2015: Lesaffre signs agreement to acquire majority share in Guangxi Sungain Yeast and Guangxi Sungain Biological Technology

Pursuing its expansion strategy on the Chinese market, Lesaffre, a key global company in the field of yeast and fermentation, has signed an agreement with the Chinese group Guangxi Sungain Sugar.

As François Hollande, the President of the French Republic, was in China, Antoine Baule, Lesaffre’s Chief Executive Officer, signed an agreement to acquire a majority shareholding in Guangxi Sungain Yeast Co Ltd and Guangxi Sungain Biological Co Ltd.

Having started production in December 2009 and September 2014 respectively, these yeast and yeast extract companies are based at Chongzuo, Guangxi region, 150 km from Nanning, the most important region for the production of sugar cane in China. As subsidiaries of the Sungain group, one of the 8 most important sugar producers in Guangxi, China, they employ 275 people and have high standard industrial units.
Image: Heather
Lesaffre has been present on the Chinese market since the 80s with its premium Saf-Instant brand. In 1999, the group acquired a yeast plant at Ming Guang, near Nankin, 300 km from Shanghai. In 2010, two new plants - one for yeast and one for yeast extracts - were commissioned at Laibin, Guangxi, in partnership with the sugar producer Donta. Lesaffre also uses 4 Baking Centre™ in Shanghai, Hong-Kong, Beijing and Canton to offer technical support to its customers for mantou (Chinese steamed bun) and bread making. It employs 950 people in China.

With this operation, Lesaffre will strengthen its presence and its offering to Chinese customers, not only in baking but also in the field of food taste and pleasure, in animal nutrition and health, and in nutriments for biotechnologies.

Antoine Baule, Lesaffre’s Chief Executive Officer: "China is a promising market in the fields in which we operate. Lesaffre welcomes this new operation, which will enable us to strengthen our position in this country, where we have been present for many years and where we want to work long term. We have decided to invest in a significant way in the development of Sungain, as much in sales as in operations planning, in answer to the increasing market demand, especially for yeast for mantou, animal nutrition and biotechnologies. With our investments in China, we are establishing our will to be close to our customers, to offer them our products and services and fulfill their specific requirements."

Lao Jian Ming, Chairman of Guangxi Sungain Sugar: "We are very pleased to join forces with Lesaffre, a family company internationally known and recognised for its industrial expertise and the quality of its services and products. We share with this French company a common vision of development and respecting the environment and the health of the end consumer."

Lesaffre was advised on legal aspects of this operation by the firm Linklaters and on the financial aspects of the transaction by PwC.

Guangxi Sungain Sugar was advised on legal aspects of this operation and on the financial aspects of the transaction by Yingke Law Firm.
Phileo is a Lesaffre brand
About Lesaffre
As a global key player in yeasts and fermentation, Lesaffre designs, manufactures and markets innovative solutions for Baking, Food taste & pleasure, Health Care and Biotechnology. Family group born in northern France in 1853, now a multi-national and a multicultural company, Lesaffre is committed to working with confidence to better nourish and protect the planet. Working in close collaboration with its clients and partners, Lesaffre employs 9000 people in more than 70 subsidiaries based in about forty countries. Lesaffre achieves a turnover of more than 1,7 billion euros including over 40 percent on emerging markets. More information HERE

About Guangxi Sungain Sugar
Sungain Group was established on 29th of April, 2006 with the core business of sugar production and related industries. The Group owns huge sugar cane planting bases and modern sugar processing bases at Chongzuo city and Qinzhou city of Guangxi province. Sungain Group is one of the top 8 sugar production companies in Guangxi with over 2.1 million tons/year of current total sugar cane consumption and 300,000 tons/year of sugar production capacity. The group is a private shareholding group integrated with agriculture, industry, commerce and diverse multi-region, multi-industry trading. It currently has 8 subsidiaries. The group is committed to the philosophy of 'Resource saving, environment friendly'. Sungain Group employs 3000 people and owns over 3 billion RMB of assets (approximatively 425 million euros). More information HERE. 

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