China Food sells animal feed business

China Food Company (CFC), the Chinese manufacturer of cooking and dipping sauces, has entered into an agreement with Wisehand Planning, a Korean-owned investment holding company, to dispose of the group's animal feed business, for a total consideration of 16m dollars.

China Food Company (CFC), the Chinese manufacturer of cooking and dipping sauces, has entered into an agreement with Wisehand Planning, a Korean-owned investment holding company, to dispose of the group's animal feed business, for a total consideration of 16m dollars.

The business, part of CFC's wholly-owned subsidiary, Full Fortune Holdings, generated pre-tax profit of around £1.6m in 2011, meaning the total consideration represents an exit multiple in excess of six times post tax earnings.

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