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COFCO history
COFCO company history timeline
Founded in 1949, COFCO Corporation (COFCO) is the leader of the agricultural and food industry in China, and one of the world's leading agri-product traders with global footprints and fully-integrated value chain.
1950’s In early 1950’s, the Corporation raised export of China’s canned food in both volume and speed as assigned by the government with its unremitting efforts.
In 1952, the government organized a number of specialized state-owned agencies, including China Oils Export Corporation, China Foodstuffs Export Corpation, and China Cereals Export Corporation.
In 1953, two contracts were signed regarding rice exchange for rubber between the two countries.
1953: Chinese government forms several export-oriented state t rade agencies, including China Oils Export Corporation, China Foodstu ffs Export Corporation, and China Cereals Export Corporation.
By 1960’s, COFCO had expanded to an extensive import and export business for cereals, oils, and foodstuffs, with over 3,000 clients in over 120 countries.
1960 In the 2nd half of 1960, Chaojin LIU of China Resources Co., Ltd. signed the first wheat import contract with Canada under the name of Liang LIU, which kicked off grain import by a large volume by China.
On September 29, 1972, China and Japan signed a joint statement declaring the resumption of diplomatic relations between the two countries.
1978 COFCO entered into a wine consignment agreement with the US-based Schlegel Corporation to introduce wine to the Chinese domestic market.
1980: Company opens first international subsidiary in New York .
That pr ocess was completed in 1988, when COFCO, although still owned by the Chinese government, adopted a corporate structure.
1990: Le Conte chocolate production joint venture is formed.
In 1992, Hangzhou MC Packaging Co., Ltd. was established.
The arrival of Zhou Mingseng as the company's managing director in 1992 became a new milestone for the company, as Zhou initiated a new diversification strategy for the company.
1992: Launch of new diversification strategy and acquisition o f Top Spring (foodstuffs) and Top Glory (real estate) in Hong Kong.
1993 COFCO acquired two Hong Kong listed companies: COFCO International Limited and Top Glory International Holdings Limited.
In 1994, COFCO renamed Top Spring as China Foods Holdings Ltd., which then joined its parent in a joint venture with an edible oil processor in Shenzhen, on the Chinese mainland.
In 1994, the company established two new subsidiaries, COFCO Capital Corporation, based in the United States, and Ceroilfood Finance Ltd. based in Hong Kong.
By 1995, Le Conte was China's leading chocolate b rand.
In 1997, COFCO took control of the company and renamed it as Hangzhou COFCO-MC Packaging Co., Ltd.
China Foods Holdings also developed into another major COFCO company, particularly after its acquisition of Eastbay Oils and Fats Industri es in Guangzhou in 1997.
In 1998, the Hong Kong-based subsidiary acquired a 25 percent stake in China Great Wall Wine Co., the leading wine producer in China.
Following its expansion, COFCO In ternational went public in 1999, listing on the Hong Kong Stock Excha nge.
Lim, Wendy, "COFCO Intl Keeps Focus on Growth," FWN Select, July 2, 2002.
In 2003, the company announced it had formed a joint venture with insurance giant Aviva to establish an insurance company in Guangzhou in 2003.
"State Traders' Merger Process Underway," China Daily, July 14, 2004.
"Dispute Over Famous Wine Brand," Asia Africa Intelligence Wire, February 21, 2005.
"COFCO Restructuring Xinjiang Tunhe," Asia Africa Intelligence Wire, July 11, 2005.
2009 COFCO Fortune Plaza, the current office building of COFCO.
Under managing director Zhou Mingchen, the company has adopted a strategy calling for it to double in size by 2010 and toward that end has adopted the world's largest company, General Electric (GE), as its corporate model.
In February 2011, COFCO spent 100 million RMB in the acquisition of Chateau de VIAUD in Bordeaux region, France.
On December 30th 2013, COFCO Trading Ltd. was established with the merger of COFCO Agri-Trading & Logistics Co., Ltd. and China Grain & Logistics Corporation.
COFCO ranked No.1 on the list of Top 500 Chinese Enterprises with Outstanding Social Responsibility in 2017.
Witnessed by Chinese Premier Li Keqiang and Cambodian Prime Minister Samdech Hun Sen, COFCO signed the 2018 trading memo on importing rice from Cambodia with Cambodian Ministry of Commerce.
Being on Fortune 500 list for 25 years consecutively, COFCO ranked No.122 in 2018.
COFCO Chairman Lyu Jun was invited to attend the 2019 World Economic Forum Annual Meeting (Davos Forum).
COFCO won the titles as 2019 Most Influencing New Media Account among Chinese Enterprises and 2019 Most Influencing New Media Account among Chinese State-owned Enterprises.
Lyu Jun, Chairman of COFCO, attended BRICS Business Council 2020 held online.
COFCO’s renowned brands, including Fortune, Great Wall, China Tea, Jiugui Liquor and others, were selected as the TOP brand of CMG's 2021 "Brands Empower China" project, which demonstrates COFCO’s commitment to building itself as the national brand name card.
"2021 China Food Consumption Trends White Paper" complied by COFCO Nutrition and Health Research Institute was officially released.
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Zippia gives an in-depth look into the details of COFCO, including salaries, political affiliations, employee data, and more, in order to inform job seekers about COFCO. The employee data is based on information from people who have self-reported their past or current employments at COFCO. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by COFCO. The data presented on this page does not represent the view of COFCO and its employees or that of Zippia.
COFCO may also be known as or be related to COFCO, Cofco and Cofco Inc.