China Food Co. has announced that it has completed the construction of the company's new animal feed mill in Shandong province, China. The plant has capacity to produce 240,000 metric tons of compound feeds per year and 50,000 metric tons of premixes. Featuring feed machinery from Buhler, it replaces a 60,000 metric tons/year plant at the same location for the company's animal feed business called Fuss Feed.
China Food Co. is also involved in producing soy sauces and other condiments. During 2012 it announced an outline agreement to divest its animal feed interests by selling Fuss Feed to Korean equity investor Wisehand Planning for $16 million. However, with the completion of the new feed mill and citing delays by Wisehand Planning in finalizing the acquisition, the board of the company has decided to terminate negotiations and consider action against Wisehand Planning and its shareholders under the guarantee for breach of its agreement. China Food Co. says it will now focus its efforts on increasing the new factory's production, while starting the sale process for the feed business again in due course as and when appropriate.
China Food Co. is also involved in producing soy sauces and other condiments. During 2012 it announced an outline agreement to divest its animal feed interests by selling Fuss Feed to Korean equity investor Wisehand Planning for $16 million. However, with the completion of the new feed mill and citing delays by Wisehand Planning in finalizing the acquisition, the board of the company has decided to terminate negotiations and consider action against Wisehand Planning and its shareholders under the guarantee for breach of its agreement. China Food Co. says it will now focus its efforts on increasing the new factory's production, while starting the sale process for the feed business again in due course as and when appropriate.
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