ITOCHU Announces to Launch Snack Making Business in Indonesia:Setting Up a Joint Venture with Calbee and the Wings Group
December 3, 2012
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today that it reached an agreement to set up a company to manufacture snacks in Indonesia with Calbee, Inc. (headquartered in Chiyoda-ku, Tokyo; Shuji Ito, President & COO; hereinafter “Calbee”) and PT. Mitrajaya Ekaprana (headquartered in Jakarta; John Michael Sutanto, representative), a company in the Wings Group(*). ITOCHU and Calbee will first create a special purpose company (SPC), in which Calbee will have a 90% stake and ITOCHU a 10% stake. Then, the SPC and PT. Mitrajaya Ekaprana will each take a 50% stake in a joint venture to be established between January and March next year. The plant will begin operation and commence sales of the products around March of 2014.
ITOCHU is working to build an upstream structure enabling the constant supply of safe and reassuring food. In this joint venture project, ITOCHU will be supplying potatoes and other materials.
Overview of the Wings Group (*)
|Representative||Eddy William Katuari|
|Number of Employees||Approx. 35,000|
|Business||The Group is one of Indonesia’s leading industry groups. It started with the manufacture and sale of soaps and now engages mainly in three areas of miscellaneous daily goods, personal care, and food as well as in the manufacture of packaging materials, chemicals, and building materials and in real estate development.|