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Vinamilk sells coffee plant to Trung Nguyen
The HCM City Stock Exchange-listed Vinamilk on September 13 announced the sale of Sai Gon Coffee Factory to coffee giant Trung Nguyen Company.
* Vinamilk invests in New Zealand dairy project
The two did not, however, disclose the price of the six-hectare factory in My Phuoc 2 Industrial Park in southern Binh Duong Province.
The factory has an annual capacity of processing 30,000 tonnes of products including instant coffee and canned coffee drink. The purchase will help increase Trung Nguyen's annual capacity to around 45,000 tonnes, according to Le Tuyen, marketing and communication manager of the coffee major.
It is part of his company's development strategy for the next five years during which it will make investments of VND2.2 trillion (US$115 million).
Before the purchase, Trung Nguyen had two plants for roasting and grinding coffee beans and two others for producing instant coffee.
Ngo Thi Thu Trang, Managing Director of Vinamilk, said the sale will help her company focus on its core business.
Also yesterday Vinamilk informed the HCM City Stock Exchange that it has got clearance from the Ministry of Planning and Investment for investing in a dairy project in New Zealand.
Vinamilk will buy a 19.3 per cent stake in Miraka Ltd, which will build a dairy factory at the cost of $121 million to be capable of producing 32,000 tonnes of milk powder annually. It will begin production in August 2011.
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