| 18 July 2007 | Since 1997 KMC has been active co-owner of the Chinese starch modification
plant Ting Fung. In the 10 years since the start up of the company KMC
has in cooperation with the Chinese partners built up one of the world’s
leading companies for potato and tapioca based modified starch. “Many express surprise that we would sell our share of the company”, CEO Uffe Andreasen says. “It is, however, not unusual that two partners’ individual strategies develop in different directions. This happened here and we have therefore chosen to sell our part of the company and concentrate our starch modification at our Danish facilities where we are planning large expansions partly due to the tremendous success of our newly introduced CheeseMaker Series. “We still have an excellent relationship with our previous partners and will continue our cooperation with the Ting Yi/Ting Hsin group.” “A contributing factor in the decision has also been the imposition of protective duty on native potato starch by the Chinese authorities, which basically prevents us from selling native starch for modification at Ting Fung. And originally this was exactly the reason for investing in Ting Fung”, Uffe Andreasen concludes. This sale will not bring any changes in KMC’s joint venture company in Inner Mongolia nor in KMC’s representative office in Shanghai. |
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