China’s largest dairy conglomerate, Yili Group has recently bought over Chomthana, the largest domestic ice cream company in Thailand.
The acquisition follows an earlier investment statement by Yili to purchase 96.46% of Chomthana for an initial estimate of US$ 80.56 million.
Chomthana is the largest domestic ice cream and frozen foods enterprise in Thailand, with strong footholds both locally and in 13 other markets worldwide.
Yili CEO Zhang Jianqiu said, “In the process of promoting internationalisation, Yili always adheres to the concept of 'openness, cooperation and win-win', and devotes to the dream of 'making the world healthy'.” Chomthana President Soh Chee Yong also expressed optimism on the company’s future with Yili.
Yili’s revenue surpassed Rmb 68 billion (US$9.9 billion) in 2017, and it has 37.6% share of the mainland’s liquid milk market in 2018. Yili is presently seeking to expand globally, with ASEAN region as one of its target market. The company had released 11 Southeast Asia-targeted products in October 2018 under its Joyday ice cream brand, marking its foray into this region.
Yili also has an ambition to make to make its products available for 2 billion customers to enjoy by the year 2020.
Chomthana specialises in the manufacturing of ice cream products and frozen Chinese dimsum buns, as well as cold chain logistics. One of its most well-known brands is its Cremo ice cream, which is available in 20 different flavours.