China Marine Food Group Ltd. (CMFO) announced that it has closed its acquisition of Shishi Xianghe Food Science and Technology Co., Ltd., a Fujian-based manufacturer of algae-based soft drinks. China Marine purchased 80% of the registered capital stock of Xianghe for $27.8 million on January 1, 2010.
As part of the acquisition, the management team of Xianghe and all associated sales and marketing staff will join the China Marine team. Collectively, the team plans to meet the strategic goals of Hi-Power's marketing strategy and also collaborate with China Marine's Mingxiang-branded seafood-based snack food sales team to leverage China Marine's current distribution in seven provinces and future distribution throughout China.
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