Xiwang group cooperates with Sumitomo Corp to tap overseas market

Xiwang Group, a company located in Zouping, Shandong province, and owner of three listed firms, strengthened its efforts to tap the overseas market by joining hands with Japanese company Sumitomo Corporation on Wednesday.

Sumitomo Corporation, a Fortune Global 500 company, will cooperate with Xiwang by sharing 40 percent of the registered assets of Xiwang International Trade Co Ltd, while Xiwang Group will hold 60 percent, according to the agreement signed by the two companies at Zouping on Wednesday.

Xiwang International Trade, a company owned by Xiwang Group, focuses on foreign trade in the fields of food commodities including corn and sorghum-related products.

Wang Di, president of Xiwang Group, said by joining hands with Sumitomo, Xiwang International Trade will be a competitive platform for Xiwang to expand into overseas markets through moves like acquisitions.

Xiwang will also introduced high-end overseas food into Chinese markets, said Wang.

Xiwang Group is a corn processing heavyweight in China. The company's products have been sold to more than 60 countries and regions. Last year, the company's sales reached 31.23 billion yuan.