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(Seoul=NSP News Agency) Jiye Kim Journalist = Maeil Dairies, a South Korea’s major dairy manufacturing company directed by Seon-Hui Kim, signed a joint venture agreement with Beingmate, the China’s No.1 baby food maker. The partnership is for establishing a joint venture of two firms, striding into a special milk power market through collaborative research and development on an infant formula milk powder.

According to the deal, the two behemoth will jointly own the special milk power brand in China and carry out the R&D project hand in hand. More precisely, Maeil will take charge of production of the new milk powder, while Beingmate will focus its efforts on marketing and sales in China.

The new agreement is to come into force in the early 2016, after going through the Chinese government’s approval process. The Korean dairy producer will invest to the joint venture via its recently established Hong Kong unit. The share capital of two corporations is total one billion won, with 600 million won from Beingmate and 400 million won from Maeil.

NSP News Agency/NSP TV Jiye Kim Journalist, graekim@nspna.com
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