China's century-old food company Goubuli was sold Monday to another famous drug maker Tongrentang for 106 million yuan or US$12.8 million.
General manager of the Tianjin-based traditional food operator Zhao Jiaxiang said the move is to introduce a new mechanism into the company and enhance the traditional brand.
The total assets of food chain group is about 117 million yuan, or US$14 million. Its 2004 revenue is about 75 million yuan, up by nearly 30 percent.
General manager of the Tianjin-based traditional food operator Zhao Jiaxiang said the move is to introduce a new mechanism into the company and enhance the traditional brand.
Established in 1858 as a bun-seller, Goubuli, which literally means "dogs won't touch dumplings", is now operating in hotels, restaurants, and fast food outlets.
(CRI February 28, 2005)
