ZHENGZHOU, Feb. 26 (Xinhua) -- A Chinese frozen food manufacturer plans to purchase the Longfeng brand from U.S. food giant H.J. Heinz Co., sources with the Zhengzhou-based manufacturer said Tuesday.
Zhengzhou Sanquan Food Co., Ltd., one of China's four leading frozen food companies, has signed an intention agreement to buy four Chinese companies under the Longfeng brand from Heinz, said Chen Nan, board chairman of Sanquan, without disclosing financial details regarding the agreement.
Longfeng was a Taiwanese-owned frozen food company before being acquired by Heinz in 2004. Its market share took a dramatic dive from 10 percent in 2006 to 5 percent in 2010.
An industry insider said Sanquan's market share is expected to rise by 5 percent and its competitiveness will be increased if it successfully acquires the Longfeng brand.
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