ITOCHU Announces Establishment of Processed Cheese Manufacturing and Marketing Company in Indonesia

- Expansion of dairy product business in the Asian countries -

February 22, 2012

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today that it has reached an agreement to establish a joint venture company in Indonesia together with PT RODAMAS, an Indonesian company (hereinafter, “RODAMAS”) and Megmilk Snow Brand Co., Ltd. (headquartered in Shinjuku-ku, Tokyo; Yoshiharu Nakano, Representative director, President; hereinafter “Snow Brand”).

1. The reason for the establishment of a joint venture

Indonesia has the largest population in South East Asia (approximately 240 million in population, 4th largest in the world), and is currently enjoying a continuous rapid economic growth. A joint venture will be established in Indonesia to manufacture and market processed cheese combining the overseas material purchasing power of ITOCHU, the technology of Snow Brand and the domestic sales force of RODAMAS, to actively pursue business in the country, where the market size of processed cheese is expected to further expand. With the establishment of the joint venture in Indonesia as the springboard, ITOCHU expects to expand its dairy product business in the Asian countries.

2. Outline of the joint venture

Location Bekasi, West Java Province, Republic of Indonesia
Capital US$ 5 million
Shareholding Snow Brand: 51%, RODAMAS: 40%, ITOCHU: 9%
Main business Manufacturing and marketing of processed cheese
Date of establishment March 2012 (scheduled)

3. Outline of the joint venture partners


Location Jakarta, Republic of Indonesia
Representative David S.Handojo
Date of establishment July 1959
Main business Manufacturing and wholesale of foods, consumer goods, chemicals, housing related goods, etc.

Snow Brand

Name Megmilk Snow Brand Co., Ltd.
Location Shinjuku-ku, Tokyo
Representative Yoshiharu Nakano
Date of establishment October 2009
Main business Manufacturing and marketing of milk, dairy products and foods.