(Yicai Global) Dec. 26 -- Heilongjiang Feihe Dairy Co. has finalized its takeover deal to buy out bankrupt US supplement maker Vitamin World Inc. amid plans to expand into the global market.

Feihe will pay CNY184 million (USD28 million) for the struggling New York-based nutrition firm. Under the deal, which has received US court approval, Vitamin World will operate independently and enter China with support from its new owner, the buyer said on Dec. 23.

Poor performance led to Vitamin World, the third-largest healthcare product maker in the US and biggest in the female market, applying for bankruptcy in September. During the protection period, it closed almost 200 retail stores, leaving it with 156 in the US and 14 overseas. The company also sells online through its own e-commerce website.

Feihe, which filed to list in Hong Kong in May, plans to keep Vitamin World's stores in order to garner experience for its own international expansion, the buyer said, and will leverage the target firm's brand to grow further. It will also use its knowledge of the local market to help Vitamin World succeed in China.

In line with bankruptcy documents released by the US courts, Feihe will make an initial injection of USD5 million to bail the supplement maker out of debt.