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China's Yashili Group Plans 2010 IPO

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WallStreet August 9, 2010 (Chinavestor) Yashili Group, a Chinese maker of baby formula that is partially owned by U.S. private equity giant Carlyle Group, is planning an initial public offering for later this year. Yashili is China's third-largest baby formula maker. The sector has been damaged by food safety concerns.

 

Chinese producers of baby formula suffered in 2008 when the industrial chemical melamine was found in products made by 22 different formula companies. Six infants died and 300,000 other Chinese fell ill due to the contamination. The Carlyle Group hired food safety experts to help Yashili repair its image after the scandal, according to the Wall Street Journal.

The scandal led to a global recall of Chinese dairy products. Chinese authorities prosecuted 21 people for their roles in 2008 scandal and executed two. Press reports did not mention when Yashili plans to list its shares or how much the company plans to raise. Neither Carlyle nor Yashili commented on the news.



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