U.S.-based DuPont Protein Technologies International and China's largest meat and sausage producer, the Shineway Group signed a letter of intent Saturday on jointly investing in soy protein production.
Stephan B. Tanda, president of DuPont Protein Technologies, said DuPont would like to expand its market share in China throughthis project as demand for soy protein in Asia, especially in China, is expected to soar in the next ten years.
DuPont will produce protein that meets the special needs of Chinese people, he said, adding, "Shineway's market access, distribution and management make them a possible partner for us to develop food applications."
Wan Long, general manager of Shineway, said soy protein is widely used in producing sausage and cooked meat but homemade soy protein could not meet the entire need for production quality.
The project will not only meet Shineway's own needs but is also a springboard for it to entry the soy protein and nutrition industry, he said.
Wan is confident of a promising future in cooperation with DuPont, which boasts advanced technologies and experience in soy protein processing and nutrition food production.
DuPont established its first office in China in 1984 and now has 19 wholly-owned subsidiaries and joint ventures with a total investment of more than 600 million U.S. dollars. Its products cover the chemical, agricultural, food and electronics markets in China.
As a major company in the DuPont Nutrition and Health sector, DuPont Protein Technologies International has produced high-quality soy protein and fiber ingredients for some 35 years.
The Shineway Group, located in Luohe, a small city in central China's Henan Province, was founded in 1994 and reported a pre-tax profit of 740 million yuan (US$89 million) last year.
Details on the joint venture's total investment have not been released.
(People?s Daily May 26, 2002)
