Nestlé buys a Chinese confectionery manufacturer for 1.7 billion USD

The Swiss Nestle buys the 60 percent of the Chinese Hsu Fu Chi candy manufacturer for 1.7 billion USD. This purchase will be the largest acquisition of Nestlé in China.

The world's largest food company aims to get share from the rising demand in the world's most populous country.

Hsu Fu's profit for 2010 was 602.2 million yuan (93 million USD), which means a 31 percent growth. Revenue was 4.31 billion yuan, which is a 14 percent growth.

The acquisition is helped by the Credit Suisse – writes tozsdeforum.hu, after Bloomberg.