JAPAN: Aeon buys Marunaka

By Sam Webb | 5 October 2011

Japanese retailer Aeon said today (5 October) that it would spend JPY44.9bn (US$585m) to buy central Japan-based supermarket chain Marunaka and Sanyo Marunaka, to expand its presence in the region.

In a statement on its website, Aeon said the acquisition makes sense as both companies are "seeking new growth" and it will "enhance corporate value".

The company also (5 October) posted a 19% rise in quarterly operating profit after strong sales of food and household staples in the aftermath of the Japanese tsunami.

However, expenses relating to the "unprecedented" natural disaster caused net profit to drop 18%.

However, operating profit rose to JPY48.12bn (US$627m) for the quarter ending 28 August, compared with JPY40.39bn in the same period last year.

Shares dropped 7% to JPY1027 at 16:24 BST.

In June Aeon announced plans to spend JPY200bn until 2013 on its expansion in Asia, including in China, Malaysia and Vietnam.

Sectors: Financials, Mergers & acquisitions, Retail

Companies: Aeon

View next/previous articles

Currently reading -

JAPAN: Aeon buys Marunaka

There are currently no comments on this article

Be the first to comment on this article

Related articles

Editor's choice: the highlights on just-food this week

It was a bumper week of insight from just-food, with analysis of Richard Brasher's decision to quit as CEO of Tesco's UK operations, an examination of rising egg prices and a look at the future for UK food manufacturer Premier Foods. We also emphasised our international reach, with an exclusive interview with the chief executive of Spanish retailer Grupo Eroski. Click on the headlines for more.

JAPAN: Retailer Aeon targets Vietnam, Malaysia, China expansion

Japanese retailer Aeon is expanding its business in Vietnam, Malaysia and into smaller cities in China.

Welcome to the home of food information, insight & intelligence

Not a member? Join here

Decrease font sizeDecrease font sizeDecrease font size Increase font sizeIncrease font sizeIncrease font size Comment on this article Email this to a friend Print this page