Finlays has acquired an additional 20% equity stake in Damin Foodstuff (Zhangzhou) Co., Ltd. (“Damin”) increasing its shareholding to 40%. Damin is the world’s largest manufacturer of tea extract with a majority market share in China and a growing global sales partnership with Finlays.
Finlays Managing Director at the time, Ron Mathison, said: “This investment enhances our relationship with Damin and will increase our exposure and that of our customers, to the large, fast growing Chinese instant tea, iced coffee and herbal tea market. Our experience across all parts of the tea supply chain and our ‘bush to cup’ tea knowledge will benefit Damin in leaf tea procurement, product development and innovation.”
Damin Chairman Jiang Aiqing said: “Damin has over the last seven years built up a close business relationship with Finlays and we are excited about accelerating the shared growth opportunities.”
Global demand for tea extracts continues to grow rapidly, with China now the largest and one of the fastest growing RTD tea markets in the world.