M&A planned in important step for operations in Europe.
The Vietnam Dairy Products JSC (Vinamilk) plans to acquire a dairy company in France in a merger and acquisition (M&A), a representative from the company confirmed with VET while preferring not to reveal any additional details as the deal has yet to be wrapped up.
This is seen as an important step for Vinamilk to approach and expand its business in Europe and realize its goal of becoming one of the world's 50 largest dairy producers, with annual revenue of $3 billion by 2017.
As part of its global investments, Vinamilk's Board of Directors also passed a resolution approving the establishment of a subsidiary company in Poland, with registered capital of $3 million, in February this year.
Vinamilk also opened a $23 million processing facility in Cambodia in 2014, in which it holds a 51 per cent share.
The company posted total 2014 revenue of VND36 trillion ($1.7 billion), up 14 per cent against 2013, with corporate income tax payments standing at VND3.5 trillion ($163 million).
Vinamilk's revenue was greatly assisted by its foreign investments. The major contribution came from the US-based dairy plant Driftwood, with VND2.6 trillion ($121.7 million), and Miraka Limited in New Zealand.