China Daily
Chinese baby care products provider Biostime International Holdings Ltd., said Wednesday that it will provide 20 million euros in equity investment and financing to France’s dairy producer Isigny Sainte Mère (ISM) to strengthen ISM’s sufficient supply of high quality infant formula.
After the investment, Biostime will hold a 20 percent share in ISM and have the right to nominate a candidate to ISM’s board of directors.
ISM will use the investment to build a new infant formula production and packaging facility to guarantee its total capacity reaching 50,000 tons by 2016. Meanwhile, Biostime agreed to purchase 18,000 tons of infant formula from ISM per year from 2016.
Biostime and ISM started working together in 2011. Luo Fei, CEO of Biostime, said they need the steady and sufficient supply of milk from Europe.