Chinese company Bright Food is extremely disappointed with the weak performance of Tnuva Food Industries Ltd. since its acquisition of Israel’s largest food producer. Forecasts on the company’s performance have not been met and newly appointed CEO Eyal Malis is now being asked to implement a streamlining process that will involve hundreds of layoffs. The program will include merging units and logistics systems and cutting out duplicate positions…Full Article: Globes Mar 2016
- Tnuva Food is controlled by Bright Food Singapore, a subsidiary of Bright Food Group.
- In September 2015, Bright Food stated the company was not satisfied with the performance of Tnuva and believed its value was overstated.
- In June 2015, Bright Dairy 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.
- In February 2015, Bright Food Group was seeking to raise its stake in Tnuva to 70% for approximately US$1.29 billion by April 2015.
- In 2015, Bright Foods acquired an additional 20.7% stake in Tnuva from Mivtach Shamir, an Israeli-based investment company.
- In May 2014, Bright Food Group purchased a 56.1% stake (~US$2.5 billion) in Tnuva. Bright Food acquired the 56.1% stake in Tnuva from Apax Partners, a London-based private equity firm.
- In February 2014, Bright Food Group (parent company of Bright Dairy & Food) and Citigroup were investigating (e.g. due diligence) whether to purchase (US$2.55 billion) Tnuva Food Industries.
- Bright Dairy & Food, a Shanghai-based subsidiary of Bright Food Group produces pasteurized milk, fresh milk, yogurt, 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.