Yum! Brands announces deal with Sinopec Corp. to open chain restaurants at Sinopec's Chinese gas stations
November 25, 2011
– Yum! Brands Inc. announced that it has signed a deal with Sinopec Corp. to open chain restaurants at Sinopec’s Chinese gas stations, Xinhua reported Nov. 23.
The deal will help Yum! expand its business into counties and well-off townships in China, said Zhu Zongyi, president of Yum! Brands’ China division.
Yum! has nearly 3,500 KFC franchises and about 560 Pizza Hut restaurants in China. Last year, the company's China division reported revenue of 33.6 billion yuan (US$5.28 billion). Earlier this month, the company acquired Chinese hot-pot brand Little Sheep.
Yum! Brands has already deployed seven restaurants within the Sinopec network in Shanghai and Guangdong. The company also expected to build up to 50 similar units in selected Sinopec gas stations over the next five years.
The primary source of this article is Xinhua, Beijing, China, on Nov. 23, 2011.