Kirin Group, Kyowa Hakko Group to merge food products business
Dated: 9 May 2008
Kyowa Hakko Food Specialties Co Ltd, Kirin Food-Tech Company Limited, Kyowa Hakko Kogyo Co Ltd, and Kirin Holdings Company have reached basic agreement to integrate the food products businesses of the Kirin Group and Kyowa Hakko Group.
They have signed a letter of understanding.
Through the merger and integration of Kyowa Hakko Foods and Kirin Food-Tech, the companies aim to maximize the corporate value of the business by creating synergies, while also enhancing its market presence.
They have the overall aim of proposing and delivering appealing, tasty and healthy food products and ingreidents to customers, mainly in Asia and Oceania.
Both companies will merge to form Kirin Hakko Foods. It will be managed as a joint venture until the end of 2010.
It will become a wholly-owned subsidiary of Kirin Holdings through the transfer of Kyowa Hakko's holding of share in the new company from January 1, 2011.
