Century Pacific buys China distribution firms for $2.5 million

The Philippines’ largest canned food company Century Pacific Food (CNPF) acquired several distribution firms in China for $2.5 million (€2.4 million) in a cash transaction, reports DealStreetAsia.

The acquisition is expected to support the expansion of CNPF’s international branded segment, currently still a small part of its business.

CNPF disclosed on Dec. 23 that it will sign an equity purchase agreement for a 100 percent interest in the group of entities which currently distribute Century Tuna in China.

Previously, the China companies were owned 50 percent each by Thai Union Manufacturing Co Ltd, a wholly owned subsidiary of Thai-listed Thai Union Frozen, and Century Pacific Group, parent company of CNPF.

CNPF