AAK enters the Japanese Market with new company AAK Miyoshi JP
Posted: 5 October 2015 | Victoria White | No comments yet
AAK Miyoshi JP will focus on products for the chocolate and confectionery, bakery, dairy and infant nutrition markets…
AAK has teamed up with Miyoshi Oils & Fats Co. to form a new company for the Japanese market, AAK Miyoshi JP.
AAK will own 70% of the company and the remaining 30% will be owned by Miyoshi Oils & Fats Co. AAK Miyoshi JP 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 Co. 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”, says 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.”
AAK Miyoshi JP strengthens AAK’s presence in the Asian market
Miyoshi Oils & Fats Co. was established in 1921 and has traditionally worked towards the bakery market. The company, which had an annual revenue of approximately SEK 3 billion in 2014, has well-located 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”, says Katsuyoshi Miki, Executive Managing Director at Miyoshi Oils & Fats Co. “I’m confident that it will be successful and that it will create great synergy effects for both partners.”
The new partnership and formation of AAK Miyoshi JP strengthens AAK’s presence in the strategically important Asian market. 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 announced last month that it has acquired 51% of a leading Indian oils and fats company, creating AAK Kamani, based in Mumbai.