NEW YORK — Virginia Dare and We-e Flavors of China have teamed for a joint venture agreement to establish a new full-service flavor company that will be based in Shanghai.

Virginia Dare said the venture will give both companies more opportunities to capitalize on the Chinese market. The companies signed the agreement on Dec. 31, 2012.

“We-e’s existing understanding of the Chinese market will provide Virginia Dare with a turn-key operation in China,” the company said. “Virginia Dare brings its vast flavor portfolio, applications experience, technology base and internationally recognized expertise in vanilla, tea and coffee to the joint venture. These strengths will be complemented by We-e Flavors extensive flavor portfolio and local market business knowledge.”