Bangkok--4 Mar--Betagro Group
Betagro Public Company Limited today announced a three company joint venture agreement with Itoham Foods Inc of Japan and Ajinomoto Co., (Thailand) Ltd., to manufacture processed meat products in Thailand mainly for export and a smaller per cent for local distribution. The agreement results from recognition of the very high standards of Betagro’s food safety and production.
The new company, ‘Itoham Betagro Foods Company Limited’ has been established with an initial registered capital of 172 million baht on the basis of Betagro Public Company Limited 40%, Itoham Foods Inc. 40%, Ajinomoto Co., (Thailand) Ltd., 15% and the Itoham subsidiary, Hoei & Co., Ltd., 5%. Construction of the new plant is scheduled to start immediately with an early completion date scheduled for November of this year.
The two, long established Japan based companies Itoham Foods Inc. and Ajinomoto Co., Inc. had earlier themselves concluded a basic agreement for a business alliance. The two companies decided that a combined approach would best address the challenges of obtaining raw materials and increased focus on stringent food safety standards.
Vasit Taepaisitphongse Itoham Betagro Foods Co., Ltd’s president said, “The new joint venture is important on many levels. At a time of global economic uncertainty it is a clear example of our joint confidence in the long-term strength of Thailand’s economy and its prospects as a manufacturing and distribution hub for the food processing industry. It also serves to demonstrate the high level of respect Betagro has earned for itself as a leader in Thailand’s food production and processing industry, both for the high quality of our company’s products and our pioneering leadership in food safety. The combined experience and expertise that Itoham Foods Inc. and Ajinomoto Co., Inc. will bring to this new enterprise will not only set new production standards, but introduce a whole new range of products based on the ‘Let’s Make Life Better’ concept.
The new Itoham-Betagro joint-venture which will take full advantage of the two companies’ combined strength, complemented by Betagro’s own specialised expertise, plans to operate a processed meat manufacturing and distribution plant mainly for the production of ham and sausages in Lop Buri by the end of this year. Initial target production capacity will be 3,400 tons per year and 510 million baht in terms of sales revenue by 2012 with products being mainly exported to Japan and with a smaller percentage sold domestically in Thailand. The company will also import Australian Rockdale brand beef, one of Itoham’s leading brands, to Thailand, for onward retail sale as a high-end product, for the food-service industry.
For more information, please contact:
Corporate Communications Divisions, Betagro Group
Arnon Jantarach Tel.0 2833 8316 e-mail [email protected]
Kanitta Lunpa Tel. 0 2833 8317 e-mail [email protected]