DALIAN, China -- Chinese dairy producer Inner Mongolia Yili Industrial Group is spending $80 million to purchase nearly all of Chomthana, Thailand's leading ice cream maker, expanding into Southeast Asia in a bid to offset a stagnant home market.
The two sides have agreed to a 96.46% buyout by Yili through a Hong Kong-based subsidiary. "As the economy continues to globalize, we wish to further step up our overseas expansion," Yili CEO Zhang Jianqiu said at a signing ceremony in Bangkok.
