April 18, 2011

Cofco, Keystone Meats tie up in Chinese logistics deal

Cofco Ltd, China's state-owned grain trader and food processing company, signed a deal Friday (Apr 15) with US meat supplier Keystone Meats to set up a joint venture to develop logistics systems, according to reports.

The joint venture, Cofco Shitong Supply Chain (China) Investment, will build seven logistics centres in major Chinese cities, including Beijing, Shanghai, Shenzhen and Chengdu, over the next decade, said Cofco Chairman Ning Gaoning.

It will provide logistics services to global chain restaurants, supermarkets and domestic food manufacturers, McDonald's Corp, YUM! Brands Inc and Wal-Mart Stores Inc, he added.