The DuPont China Group and Henan Luohe's Shuanghui Industrial Group have set up a new joint venture, Dupont Shuanghui (Luohe) Protein Company, which will produce soybean protein additive for the Shuanghui Group. DuPont will takes a 65 per cent stake in the venture.
"In the next ten years, the demands of protein in Asia, especially China, will increase", DuPont said. "We feel glad to co-operate with Shuanghui Group to provide the company with high quality soybean protein to meet regional demands. Shuanghui's strong market share, sales and management make it an ideal partner for DuPont in the food sector."
Shuanghui Group is the biggest user of soybean protein in China. The general manager of the company, Wan Long, said that he expected the co-operation with DuPont to last for some time and that the joint venture was just the first step towards developing new food products to help meet nutrition demands in China.
DuPont for its part is keen to develop its Chinese business and turn it into one of the major players in the food industry in China.
In 2001, DuPont purchased a factory in Yunmeng, a county in central China's Hubei province, to produce soybean protein.