By: Michelle Russell | 16 May 2012
Japan's largest frozen foods manufacturer Nichirei Foods has acquired the outstanding shares of US frozen food producer InnovAsian Cuisine Enterprises.
The deal by Nichirei Foods Inc, a subsidiary of Nichirei Corp, will see the Japanese firm purchase 51% of the outstanding shares of Washington-based InnovAsian for US$11m.
Through the purchase, Nichirei Foods said it will "strive for sales expansion" in overseas markets to accomplish its strategic goals of future growth. The acquisition, it said, forms part of its Management Vision 'Growth 2016' plan, announced earlier this month.
"Food culture varies from country to country. Therefore, when advancing into overseas markets, Nichirei Foods will seek for capital and business alliances with local partners, from which a synergy effect is expected for product development, production and sales," the company said.
"The US has a vast frozen foods market. Specifically the Asian foods category, which has shown remarkable growth in the US mainstream market, is considered to be a promising market for Nichirei Foods," it added.
The company said it will aim at business expansion centred on Asian foods in the US market by "exercising the overall capabilities of Nichirei Foods as Japan's largest frozen food company while optimising the excellent business abilities of the management and staff of InnovAsian Cuisine Enterprises".
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