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Men’s toiletries producer moves into food market
International Consumer Product company (ICP), a men’s personal care product maker, said Friday it has acquired 51 percent stake of Thuan Phat Food Company to expand its operations into the food industry.
President Le Trung Thanh said the acquisition was a milestone for the company, which is also looking to expand into the women’s personal care market.
Thanh said ICP, which developed X-men, Dr. Men and Teen-X brands, would develop Thuan Phat’s distribution system, marketing and human resources.
Vietnam’s food industry is promising as its 2008 revenue increased about 30 percent to VND20 trillion (US$1 billion) year on year, according to Thanh.
ICP has 60,000 outlets and earned $20.8 million in revenue last year, a 44.6 percent increase from 2007 while Thuan Phat, which specialized in fish sauce, hot spices and pickles for domestic and export markets, runs three factories and has 3,000 outlets nationwide.
ICP has been licensed for ten years by Holland-based
Schweppes International Limited to produce Orangina-branded soft drink in Vietnam and other Southeast Asian countries including Brunei, Cambodia, Indonesia, Laos, Myanmar, Singapore and Thailand.
Mekong Enterprise Fund II, which is managed by Mekong Capital and BankInvest-run Private Equity New Market, invested $6 million and $9.6 million respectively in ICP. The food company has chartered capital of VND33 billion ($1.83 million).
Minh Quang
thanhnien
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