AAK establishes Japan JV8 Oct 2015
AAK has established a partnership with Miyoshi Oils & Fats by forming a new company together for the Japanese market, AAK Miyoshi JP. This partnership will considerably extend the prerequisites for AAK’s business in the local marke, the company said, noting that this market is particularly important for the chocolate and confectionery fats and kakery […]
AAK has established a partnership with Miyoshi Oils & Fats by forming a new company together for the Japanese market, AAK Miyoshi JP. This partnership will considerably extend the prerequisites for AAK’s business in the local marke, the company said, noting that this market is particularly important for the chocolate and confectionery fats and kakery segments.
AAK will own 70% of the company and the remaining 30% will be owned by Miyoshi Oils & Fat. AAK Miyoshi JP will be based in Tokyo, and will have both sales and customer innovation resources and will focus on products for the chocolate and confectionery, bakery, dairy and infant nutrition markets. The new company has entered a toll manufacturing agreement with Miyoshi Oils & Fats who will manufacture the products locally.
“With global customers and regional leaders Japan is obviously a very attractive market to be present in for AAK”, said Torben Friis Lange, President AAK Asia. “Miyoshi is a very good match in size, location, technology and culture and has very well-developed relations with many important local customers. Together, we will continue to develop customer relations as well as the portfolio of speciality and semi-speciality products.”
Miyoshi Oils & Fats was established in 1921 and has traditionally operated in the bakery market. The company, which had annual revenues of approximately SEK3 billion in 2014, has factories in the Tokyo and Osaka harbour areas.
“I have visited AAK many times over the last 40 years and it is with great pleasure we welcome this partnership,” said Katsuyoshi Miki, Executive Managing Director at Miyoshi Oils & Fats. “I’m confident that it will be successful and that it will create great synergy effects for both partners.”
Through this partnership, AAK says it will further strengthen its presence in the strategically important Asian market. As communicated earlier, AAK is currently constructing a speciality and semi-speciality edible oils factory in Zhangjiagang, China, which will be operational during the end of the second quarter of 2016. In addition, AAK has recently acquired 51% of a leading Indian oils and fats company, creating AAK Kamani, based in Mumbai.
The AAK Miyoshi JP partnership will be operational from January, 2016.
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