Hsu Fu Chi’s portfolio includes sugar confectionery, cereal-based snacks, packaged cakes and the traditional Chinese snack sachima.
The Hsu family will own the remaining 40% stake and Hsu Fu Chi’s current CEO and chairman Hsu Chen will continue to lead the company.
“This proposed partnership will greatly reinforce our presence in China,” said Nestlé CEO Paul Bulcke.
“It combines Hsu Fu Chi’s strong brands, its large portfolio of products at affordable price points, its efficient operations and entrepreneurship with our proven innovation and renovation capabilities, supported by our R&D Centres in China.
“It also demonstrates our long-term commitment to China and enhances our ability to grow our portfolio of international and local brands in this dynamic market.”
Nestlé steps up China ambitions with Yinlu buy (19 April 2011)