Commenting on the completion of the acquisition, Wang Zongnan, Chairman of Bright Food, said "This is a landmark acquisition for Bright Food, signalling its entry into both the UK and global food markets through the iconic Weetabix brand."
"Bright Food will increase the level of investment in Weetabix brands and product innovation to facilitate its development in the international markets. In particular, Bright Food is committed to leveraging its resources and extensive experience across all aspects of the food industry to underpin Weetabix's expansion in Asia, in particular China."
Giles Turrell, CEO of Weetabix, said "We are delighted about our partnership with Bright Food. We firmly believe that Weetabix will benefit from Bright Food's extensive resources and experience in both the Chinese and international markets and we are confident that with Bright Food's support we will be able to significantly strengthen our market position and expand our business internationally."
"We look forward to working with Bright Food to introduce our portfolio of brands to new markets and also to develop and launch additional products which cater for the Chinese market."
Bright Food is one of the largest Chinese international conglomerates in the food industry, with operations throughout the entire food industrial chain including agriculture, food processing, brand agency service and retail among others. Weetabix Food Company is the second largest branded manufacturer of cereals and cereal bars in the Britain.
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