Good Life China (GLCC) Closes Acquisition of Shenzhen Bread Co.
20 Fevereiro 2009 - 6:32PM
PR Newswire (US)
Western Style Bread Growing in Popularity BEIJING, Feb. 20
/PRNewswire-FirstCall/ -- Good Life China Corporation
http://www.goodlifechina.com/ (GLCC) is pleased to announce that it
has closed the merger agreement with Shenzhen Bread Co. Under the
retail banner of Miluga Bread, Shenzhen Bread currently operates 60
retail bakeries and also sells bread on a wholesale basis to
various grocery chains and retail stores. The Baked Goods industry
is growing at an impressive pace, as Chinese culture begins to
embrace baked goods from the Western world in addition to its
traditional pastries. Recent research reports "growth can be seen
particularly in urban areas where, due to the increasing pace of
life, many people do not have the luxury of spending an hour at
breakfast. This has given rise to the demand for nutritious and
convenient food. Although bread competes with traditional Chinese
breakfasts such as steamed buns, sales of western style bread are
also on the increase thanks to the speed with which it can be
prepared and eaten". In addition, Miluga has had tremendous success
with its line of Moon Cakes, selling 30 million of them in 2008.
Mooncakes are a Chinese pastry. A thick filling usually made from
lotus seed paste is surrounded by a relatively thin crust.
Mooncakes are rich, heavy, and dense compared with most Western
cakes and pastries. They are usually eaten in small wedges
accompanied by Chinese tea. With gross revenues in the 10 million
Yuan range, and a 20% net profit ratio, the Company is in an
excellent position to continue to grow through cooperation
agreements and by expanding its geographic footprint to build
regional bakeries servicing a growing franchise chain network
around the Pearl River Delta (including the principal cities of
Dongguan, Huizhou, Zhuhai, and Guangzhou in Guangdong Province).
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