21 August 2019

Unilever buys 55% stake in Ningbo Qinyuan Group, report says

Consumer goods giant Unilever Plc. said on Sunday that it has acquired 55 percent stake in Ningbo Qinyuan Group Co. Ltd., a Chinese firm that produces and sells water purification and drinking machines, National Business Daily reported Monday. The deal, whose value was not disclosed, marks the largest acquisition by Unilever in China so far, the report said. Marijn van Tiggelen, Unilever’s North Asia president, was quoted as saying that his firm will keep the Qinyuan brand independent. The group aims to boost sales from water purification business to 10 percent of the total, the report said.

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