ITOCHU Announces that Provence Huiles S.A.S., Which Manufactures and Sells Vegetable Oils, Has Become Its Wholly Owned Subsidiary
March 30, 2021
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Yoshihisa Suzuki, President & COO; hereinafter “ITOCHU”) announced today that it has acquired additional shares in Provence Huiles S.A.S. (headquartered in Vitrolles, France; hereinafter “PH”), which manufactures and sells vegetable oils mainly in Europe, and as a result, PH has become a wholly owned subsidiary of ITOCHU.
PH mainly handles highly functional vegetable oils such as grape seed oil and high oleic sunflower oil, for which demand has been increasing due to growing health consciousness around the world in recent years. PH is one of the largest grape seed oil producers in the world by volume. Its grape seed oil is known as a product reusing and recycling resources as the company produces the oil from grape seeds collected from grape residue left after winemaking. In addition, use of the raw materials produced in France permits an integrated manufacturing process, from the seeds to the refined oil. PH has also begun to focus its efforts on sustainable products, such as organic oils, which require strict operations. Through these and other initiatives, the company contributes to the stable supply of high value-added vegetable oils and the achievement of the SDGs.
Since its capital participation in PH in September 2015, ITOCHU has been strengthening the value chain through the combination of PH's base for manufacturing vegetable oils in Europe and ITOCHU's sales capabilities in North America and Asia. By making PH its wholly owned subsidiary, ITOCHU will realize more agile management and respond flexibly to diversifying consumer needs and changes in the competitive environment.
ITOCHU has set "Contribute to and strengthen initiatives for the SDGs" as one of the Basic Policies in its next medium-term management plan. Through these activities, ITOCHU will contribute to the development of a sustainable society.
About Provence Huiles
|Corporate name||Provence Huiles S.A.S.|
|Head office||Vitrolles, France|
|Business activities||Production and sale of vegetable oils|