ITOCHU Announces Initiative in European IQF Business in Dole Packaged Foods Operations

August 25, 2017

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today the additional acquisition of shares in Master Fruits D.O.O. Beograd (headquartered in the Republic of Serbia; Milena Cvetić, Director; hereinafter “Master Fruits”) via Dole Asia Holdings (headquartered in Singapore; Takeshi Kumekawa, CEO; hereinafter “DAH”), to expand transactions for IQF (Individual Quick Frozen) products with Europe and to further promote and develop Dole Packagedfoods business.

Dole Packaged foods business (canned pineapple, Fruit Bowls, etc.) has a stable revenue base in North America, but hopes for further growth in the future are pinned on acceleration of business expansion in the European and Asian markets, in addition to North America. DAH is already involved in manufacturing and selling frozen fruit in the North American market. Now, aiming to expand sales channels in Europe, whose frozen fruit market is comparable in size to that of North America, and to ensure a supply network of raspberries which are the main frozen fruit product in the European market, DAH is increasing its stake in Master Fruits, a leading supplier in Serbia, which is a major raspberry producing country, from 15% to 49%.

Master Fruits has obtained certification based on a number of international quality standards including ISO22000 and GLOBAL GAP etc. and satisfies the strict quality requirements which are of the utmost importance in the production of the Dole brand.

ITOCHU will work closely with DAH to expand business in Europe and to enhance Dole brand equity.

Outline of Master Fruits

Company name Master Fruits
Representative Cvetić Milena, Director
Headquarters Beograd, Republic of Serbia
Founded June 2016
Business Processing and sale of frozen fruit such as raspberries
Shareholding structure Master Frigo D.O.O. Beograd 51%、DAH49%

Exterior of Master Fruits

Exterior of Master Fruits