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David Pieroni, Managing Director of Automation Quality Solutions (AQS) |
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Bottoms up business approach: Tongjitang buys liquor factory
Wednesday, February 3, 2010
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Tongjitang Chinese Medicines Company (NYSE: TCM) announced February 2 that it will establish a joint venture with an undisclosed third party to acquire a 100% stake in Guiyang Liquor Factory for RMB 120.6 million in cash, according to PRNewswire Asia. Tongjitang will hold a 95% stake in the new JV and the acquisition is expected to close within the first quarter of 2010.
Guiyang Liquor is based in Guizhou Province and primarily manufactures and markets three brands of Chinese liquors "Guiyang Da Qu," "Qian Chun Liquor," and "Gui Liquor." According to Tongjitang, Chinese liquors are often topically applied or orally ingested by Chinese consumers in conjunction with orthopedic ailments. Tongjitang stated that the acquisition will further its goals of entering the medicinal liquor market, expand the company's orthopedic product line, and raise Guiyang Liquor's brand recognition status to a national level.
Tongjitang Chinese Medicines is a China-based pharmaceutical company mainly focused on the research, development, and manufacturing of modernized traditional Chinese medicines (TCM).
Tongjitang Chinese Medicines is a China-based pharmaceutical company mainly focused on the research, development, and manufacturing of modernized traditional Chinese medicines (TCM). |
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