The former head of State-owned Bright Dairy & Food Co Ltd is under investigation for suspected serious disciplinary violations, China’s anti-graft regulator said on Wednesday [22 July 2015], employing its usual euphemism for corruption. The regulator has opened an investigation of Guo Benheng, who left the company in June, the Shanghai branch of the Central Commission for Discipline Inspection (CCDI) said in a statement. It did not supply additional details about the case. Earlier this month, the CCDI criticized powerful State-owned industries as being riddled with corruption…Full Article: The Global Times July 2015
- In April 2015, Bright Dairy reported a net profit increase of nearly 40% (versus the prior year) for the first quarter.
- In June 2015, Bright Dairy announced it would purchase Shanghai Dairy Group’s (also a subsidiary of Bright Food) cattle breeding and raw milk operations.
- In June 2015, Bright Dairy also announced it will spend as much as CNY 9 billion (US$1.45 billion) to purchases parent’s controlling stake in Israel’s Tnuva Food Industries Ltd.
- In February 2015, Bright Food Group was looking to raises its stake in Tnuva to 70% for approximately US$1.29 billion.
- In May 2014, Bright Food Group purchased a 56% stake (~US$2.5 billion) in Tnuva.
- In February 2014, Bright Food Group (parent company of Bright Dairy & Food) and Citigroup are investigating (e.g. due diligence) whether to purchase (US$2.55 billion) Tnuva Food Industries.
- In May 2013, Ireland’s Glanbia (dairy company) signed a memorandum of understanding with Bright Foods Group to supply Avonmore milk to China.
- Bright Dairy & Food is a Shanghai-based subsidiary of Bright Food Group which produces pasteurized milk, fresh milk, yoghurt, ultra-high heat pasteurized milk, milk powder, butter and cheese, and fruit juices. It is one of the largest dairy production and sales companies in China.
- Tnuva, Israel’s largest food manufacturer and distributor, produces frozen pastries, cheese, and other dairy products.