Herbalife Nutrition and Tasly Holding Group to Form HT Innovations LP
View Herbalife International Profile
11/30/2017
November 29, 2017 LOS ANGELES--To further advance healthier living through good nutrition, Herbalife today announced it has entered into a framework agreement with Tasly Holding Group, a leading Chinese healthcare corporation. Herbalife Nutrition CEO, Rich Goudis; CFO, John DeSimone; and Chairman of Herbalife China, Dr. Qun Yi Zheng, joined Chairman of Tasly Holding Group, Xijun Yan; Executive Chairman, Kaijing Yan; CFO, Fucai Pei; and General Manager of Tasly’s International Strategic Investment and M&A, Dr. Lei Gao, for the signing ceremony of a framework agreement, which pending approval by the Chinese regulatory agencies, will lead to the formation of a joint venture between Herbalife Nutrition and Tasly in the United States. This joint venture is anticipated to create a conduit to develop and commercialize high-quality consumer health products based on Tasly's deep portfolio of formulations, patents, and clinical studies, while leveraging Herbalife Nutrition’s scientific, regulatory and commercial development expertise. Moreover, Herbalife Nutrition expects its worldwide network of independent distributors to provide an opportunity to bring the joint venture’s products to a global market.
“We are honored to form a joint venture with Tasly, a leading developer of health products and services in China. Our philosophies of improving the wellness of our communities are completely aligned and we expect this new joint venture will significantly expand the distribution of important nutrition products around the globe,” said Rich Goudis.
Herbalife Nutrition began China operations in 2005 and now operates three facilities in Nanjing, Changsha, and Suzhou, currently producing 60 million units annually. The Company is licensed to operate in 28 provinces, employs more than 1,300 people in China, and has approximately 60,000 service providers, and approximately 270,000 sales representatives.
Kaijing Yan said, "We believe the combination of Tasly's research and development capabilities, clinical trial skills and Herbalife’s global distribution network outside of China, along with the two firms' high-end quality control standards, will bring the best health products to consumers."
Tasly manages a broad spectrum of leading consumer products, health services and distribution channels in China. As a pioneer of TCM modernization, Tasly, through innovations in standards and technologies, has created a manufacturing and development process and set up a comprehensive, standardized and digital system which produces high-quality consumer health products.