Industria
Global Times: Chinese aseptic packaging company accelerates domestic substitution by acquisition
"From a macro point of view, the acquisition further enhanced China's food security and accelerated the domestic substitution in aseptic packaging sector," a representative from NEWJF, adding that the move also promoted a long-term steady development of downstream enterprises.
"NEWJF values this cooperation opportunity, and is willing to explore the aseptic packaging sector providing clients and industry with better services," said the NEWJF，"It is our right to appoint directors as the largest shareholder and we believe that diversifying Greatview's board of directors will expedite its sustainable development."
Founded in 2007, NEWJF, listed on the Growth Enterprise Market of the Shenzhen Stock Exchange in September 2, 2022 , witnessed consecutive revenue growth from 2020 to 2022. Analysts believe that the acquisition will facilitate NEWJF in further exploring international markets.
NEWJF became qualified provider of aseptic packaging material for Yili in 2009 and it solidified its ties when Yili bought a 20 percent stake in NEWJF in August 2015 . While Yili's current stake has been reduced to less than 5 percent at present, it still remains NEWJF's largest client, generating 70 percent the packaging company's revenue.
Greatview Aseptic Packaging accounts for about 40 percent of products of Mengniu, and is also the core supplier of New Hope Dairy and its wholly-owned subsidiaries Xiajin Milk.
The acquisition helped NEWJF resolve overcapacity issues with Mengniu and enhance production efficiency by adopting a universal management system. The collaboration between the two leading companies also facilitated the healthy development of the industry, moving away from price wars.
For further information on the appointment of directors, investors can contact:
Tel: +86 010 8444 7866
Email: ir@newjfpack.com
Website: http://www.newjfpack.com
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