AOBO outlines agressive expansion strategy

- Last updated on GMT

Related tags: Soybean, Soy milk, Soy protein

Chinese soy protein producer American Oriental Bioengineering said
last week that will achieve record profits from sales of its
beverage and soybean protein peptides this year and is on the look
out for potential acquisitions.

AOBO​ has been stepping up distribution of its soy products in international markets, with distributor agreements in the UK and Japanese markets signed last year.

It also said last week it achieved ISO9001 certification for a major manufacturing facility opened late last year, expected to produce around 15 per cent of China's total soybean and soy product output. The 5 million square foot facility adds 2 million tons of soybeans and soybean protein peptide related products each year for the Hong Kong-based firm.

"Our primary objective in 2004 is to penetrate the US, European and Asian markets and expand our revenue base through the commercialization of our soybean-based supplemental and medicinal products,"​ said chief executive Shujun Liu.

"In addition to the products our internal team of researchers are developing, we also continue to evaluate potential acquisition opportunities to expand our product line and capacity,"​ he added.

The company posted a 92 per cent jump in revenues to $14.8 million for the first nine months of 2003 compared to the first nine months of 2002, with net income for the first nine months of 2003 surging 320 per cent to $3.7 million compared to the prior fiscal year. The results were attributed to successful sales and marketing efforts.

The Chinese company uses proprietary processes for producing soybean protein peptide that it claims are more efficient than traditional extracting techniques.

The firm wants to become one of China's largest biotechnology companies and is hoping to list on the American Stock Exchange (AMEX) this year.

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