China Food and Beverage Co. (CHIF) (New York) has finalized its $21 million acquisition of Victoria Beverage Co. Victoria's chief asset is its subsidiary Anhui Haodun Beverage Co., of the People's Republic of China.
"In a Dec. 14, 1998 Forbes Magazine article, Hong Kong based beer industry consultants are quoted as stating that China's growing thirst for beer has been remarkable," said James Tilton, president of CHIF. "Since 1982 consumption has multiplied tenfold and China's share of world consumption has surged from 6% in 1990 to 14% in 1998. "Given this outlook, CHIF continues to review a number of potential acquisition candidates which could further increase its presence in China," added Tilton.
China Food and Beverage Co. is a U.S. holding company whose strategy is the acquisition of regional Chinese breweries that complement its existing business, distribution and product lines.