In August Finlays acquired an additional 20% equity in China’s Damin Foodstuff (Zhanzhou) Co., Ltd. Founded in April 1995, Damin provides natural ingredients for the food and beverage industry including natural tea extracts, instant tea powder, tea concentrate, leaf tea for beverage, natural fruit powders, natural sweetener (Luo Han Guo extract), and herbal extracts.
This increases Finlay’s shareholding to 40% and, as managing director Ron Mathison explained: “This investment enhances our relationship with Damin and will increase our exposure and that of our customers, to the large, fast growing Chinese instant tea, iced coffee and herbal tea market. Our experience across all parts of the tea supply chain and our ‘bush to cup’ tea knowledge will benefit Damin in leaf tea procurement, product development and innovation.”
Damin’s chairman Jiang Aiqing said: "Damin has over the last seven years built up a close business relationship with Finlays and we are excited about accelerating the shared growth opportunities." Global demand for tea extracts is growing rapidly, and China now has the largest and one of the fastest-growing RTD tea markets in the world.
Learn more: www.finleys.net