Yihai Kerry Investments Co. Ltd., Wilmar’s wholly-owned subsidiary in China, will participate in the 50-50 joint venture. Wilmar will contribute infrastructure, supply chain scale and sales and distribution networks in China, and Kellogg will contribute a portfolio of brands and products.
“China’s snack-food market alone is expected to reach an estimated $12 billion by year-end, up 44% from 2008," said John Bryant, president and CEO for Kellogg. “To capture this growth, we will leverage the key strengths Kellogg and Wilmar bring to the partnership -- the globally recognized Kellogg’s and Pringles brands and deep category knowledge; scale and local market experience and our mutual commitment to consumer-focused innovation."
Wilmar International Ltd. is among Asia’s largest agribusiness groups and is among the largest listed companies by market capitalization on the Singapore Exchange. The company’s business activities include oil palm cultivation, oilseeds crushing, edible oils refining, sugar milling and refining, specialty fats, oleochemicals and grains processing.