JT Seeks to Expand Foods Interests

Source from:  tobaccojournal.com Nov 22, 2007 11/23/2007

Japan Tobacco Inc. (JT) announced today that an agreement had been reached to integrate its frozen foods business with those of Katokichi Co. Ltd. and Nissin Food Products Co. Ltd. JT said it would start a takeover bid for all of the outstanding shares of Katokichi in order to make it a wholly-owned subsidiary of JT. If this bid were successful, it would subsequently transfer 49 per cent of the shares of Katokichi to Nissin. Finally, the frozen foods divisions of JT and Nissin would be merged into Katokichi. The new Katokichi would become the leading frozen food manufacturer in Japan, with annual sales of about ¥260 billion. Enditem