ITOCHU Announces Cooperation on Building a System for the Stable Supply of Frozen Food Products

March 25, 2011

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today that it has confirmed that its subsidiary Yayoi Foods Co., Ltd. (headquartered in Minato-ku, Tokyo; Teruo Fujishima, President & CEO; hereinafter “Yayoi Foods”) suffered serious damage at its Kesennuma plant from the huge earthquake off the Pacific coast of the Tohoku region.

Yayoi Foods aims to build a stable supply structure to deliver products safely and without anxiety to all customers and consumers, and has agreed with Nichirei Foods Inc. (headquartered in Chuo-ku, Tokyo; Yoshihiko Soma, President; hereinafter “Nichirei Foods”) to proceed with the examination of outsourcing original equipment manufacturing for some products produced at its Kesennuma plant. Yayoi Foods is also proceeding with the examination of original equipment manufacturing for some products at its Kesennuma plant with Prima Meat Packers, Ltd. (headquartered in Shinagawa-ku, Tokyo; Tetsuya Matsui, President & CEO; hereinafter “Prima Meat”), a company with which it has a business tie-up.

At the same time, Nichirei Foods, Prima Meat and Yayoi Foods have agreed to share functions regarding production, development, procurement, distribution and sales in the field of processed foods, centered on frozen food products, and proceed with discussions regarding the building of cooperatives and tie-ups to develop a more efficient processed food business.

Our deepest sympathies go out to all the victims of the earthquake and tsunami, and we hope that normal conditions are restored as soon as possible.

Corporate profiles (as of March 31, 2010)

Corporate profile of Nichirei Foods

Corporate Name Nichirei Foods Inc.
Principal Business Production and sale of frozen prepared foods and retort-pouch food products
Established January 5, 2005
Head office 19-20, Tsukiji 6-chome, Chuo-ku, Tokyo
Representative Yoshihiko Soma, President
Net sales Approx. 162.1 billion yen
Capital 15 billion yen
Major shareholders Nichirei Corporation (100%)
Employees 2,712 (as of March 2009; consolidated with the Nichirei Foods Group)

Corporate profile of Prima Meat

Corporate Name Prima Meat Packers, Ltd.
Principal Business Production and marketing of meat, ham, sausage, and processed foods
Established July 9, 1948
Head office 12-2, Higashi-Shinagawa 4-chome, Shinagawa-ku, Tokyo
Representative Tetsuya Matsui, President & CEO
Net sales Approx. 252.6 billion yen
Capital Approx. 3.36 billion yen
Major shareholders ITOCHU Corporation (39.35%)
Employees 9,887 (including temporary employees)

Corporate profile of Yayoi Foods

Corporate Name Yayoi Foods Co., Ltd.
Principal Business Manufacture and sale of frozen prepared foods
Established June 27, 1947
Head office 8-12, Shiba-Koen 1-chome, Minato-ku, Tokyo
Representative Teruo Fujishima, President & CEO
Net sales Approx. 34.1 billion yen
Capital Approx. 770 million yen
Major shareholders ITOCHU Corporation (93.2%)
Employees 1,332 (including temporary employees)