CHINA – China’s largest fruit supplier Golden Wing Mau Group (GWM Group) and major Chinese fruit producer Joyvio Group, which is owned by Legend Holdings, have announced a strategic merger that will create the largest fruit business in the Mainland.
According to the parties, the new combined entity is expected to gain overall sales turnover of about US$771 million (RMB 5 billion).
In line with China’s rapid economic growth and the evolution of more sophisticated lifestyles, local consumers increasingly demanding healthy and nutritious fruit. According to Golden Wing Mau, fruit retail volume in China has reached 170 million tons, and the market is worth about RMB 1 trillion.
Chen Shaopeng, Senior VP of Legend Holdings & President of Joyvio Group, said, “China’s fruit industry will enter a new stage with upgraded industrial chains, a more globalized presence and scaled development. This strategic merger seizes the momentum. The new merged company is committed to becoming a fruit company with global influence, providing more safe, quality and flavorsome fruits to customers… For the full story, subscribe to Packaging Business Insight Asia here.