Itochu Invests in Canadian Pork Production Business10 January 2013
CANADA - Japanese company, Itochu Corporation has acquired a 33.4 per cent stake worth 5 billion Japanese Yen in Canadian pork producer HyLife Group Holdings Ltd. based in Manitoba.
HyLife has an integrated production system from genetics, live production, feed mill to pork processing, primarily in Manitoba.
HyLife supplies safe, secure pork to markets around the world and also supplies value-added speciality pork to the Japanese market meeting customer requirements by differentiated feeding.
Through developing various kinds of food-related businesses around the world, ITOCHU and its group companies are aiming to achieve the leading position in the international food industry.
The company said that based on customer needs, the companies organically link the processes from the development of food resources, the supply of raw materials, production and processing and intermediate distribution through to retailing, advance and develop the global Strategic Integrated System (SIS) strategy, which promotes efficient production, distribution and marketing, and improve the management functions for food safety and security.
This investment has been made on the understanding that HyLife's expansion strategy makes markets of Japan and Asia a priority - a move that the Japanese company says Itochu SIS could mutually help.
The sales of HyLife’s safe, secure pork will be increased with ITOCHU’s marketing network in the Asian market with a focus on China, where consumption continues to grow, as well as in the Japanese market.
In the Chinese market, ITOCHU will expand the business with Longda Foodstuff Group, a significant partner of ITOCHU, through technical exchanges in the field of pig production.
TheMeatSite News Desk