US-based DuPont Protein Technologies International and the Shineway Group, China's largest producer of processed meat, have recently agreed to jointly invest in soy protein production.
DuPont wants to expand its market share in China through the project as demand for soy protein in Asia, and more importantly China, is expected to soar in the next ten years, according to Stephan Tanda, president of DuPont Protein Technologies.
DuPont will produce soy protein that meets the specific needs of the Chinese consumers, he said. Tanda also added that Shineway's existing infrastructure would make it a possible partner for Dupont to develop further food applications in the region.
Indicating the potential of the Chinese demand for soy produce, Shineway general manager Wan Long said soy protein was widely used in processed meats but home grown 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 enter the soy protein and nutrition industry, Wan Long said. He is also confident of a successful future in cooperation with DuPont, because it boasts such advanced technologies and experience in soy protein processing and nutrition food production.
DuPont International 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 (€650m). The company also has more than 35 years experience in soy protein production.
The Shineway Group, located in Luohe, central China, was founded in 1994 and reported a pre-tax profit of 740 million yuan (€96 million) last year.
Details on the joint venture's total investment have not been released.