Antony Salim is the son of a conglomerate Sudono Salim, the Salim group owner. He became the successor of the Salim Group business after his father died. It was the beginning of his journey to be an Indonesia’s tycoon. The business was run not without obstacles. There were a lot of ups and downs in his efforts to maintain the family business. Salim Group was of the largest conglomerates in Indonesia during the New Order era before the financial crisis in 1998. Some of the companies that belonged to the Salim group included PT. Indofood Sukses Makmur, PT. Bogasari, PT. Indocement Tunggal Perkasa, PT. BCA, and PT. Indomobil Sukses Makmur.
How Anthony Salim Survived the Crisis
After the economic crisis in 1998, the Salim Group owed the state of Rp 52 trillions. Anthony was forced to sell PT. BCA, PT. Indomobil Sukses International, and PT. Indocement Tunggal Perkasa, to pay his debts and to save the other companies as well as to maintain the family business. Anthony’s decision to maintain the other two companies, PT. Indofood Sukses Makmur and PT. Bogasari turned out to be the right decision. Both companies now become the largest manufacturers of instant noodles and flour in the world.
The products such as Indomie, Sarimi and Supermi, which are produced by PT. Indofood, and the wheat flour products with some brands including Bogasari, Kunci Biru, akra Kembar, and Segitiga Biru, which are produced by PT. Bogasari are among popular consumer products with the highest sale volume. Cooking oil and butter Simas Palmia are also the other popular products of Salim group.
Anthony Salim’s Business Expansion
Anthony did not stop developing his businesses. After bringing his companies into the largest food companies in the world, he began to see the other opportunities. In 2005, PT. Indofood conducted a joint venture with Nestle S.A. Both are both engaged in the food industry. Each of these companies has 50% of stake in the joint company named PT. Nestle Indofood Citarasa Indonesia. The purpose of this merger is to increase the strength in winning the food product markets Indonesia.
The joint venture is engaged in the manufacturing, sales, marketing, and distribution of the culinary products in Indonesia and for export market. Through this partnership, PT. Indofood gives the license for the merged company to use its product brands such as Indofood, Piring Lombok, and the other brands. While PT. Nestle grants its licenses for its products with the brand Maggi.
Anthony continues to expand his business by buying the shares of China Minzhong Food Corporation Limited (CMFC). CMFC engages in vegetable processing. The business activities start from the cultivation, processing until the sales. Its products are fresh vegetables and processed vegetables, which are not only for domestic markets but also for export. PT. Indofood CMFC has as much share as 33.49% or 219.5 million shares and it is listed in the Singapore Stock Exchange.