JAPAN: Snow Brand, Lotte to set up ice cream JV
Beleaguered Japanese dairy foods producer Snow Brand Milk Products announced today [Monday] that it will establish a joint venture with Lotte Co on 1 October.
Lotte will control 80% of the joint venture, which will produce and sell goods under the Snow Brand label. Lotte's ice cream business will continue to operate separately from the new firm, but Snow Brand's three plants, seven branches and the ice cream R&D section will eventually be entirely transferred to the new firm.
To be called Lotte Snow Co, the new company is expected to generate sales of ¥20bn for the year ending March 2004.
Sectors: Ice cream
- Danone's Q1: four things to learn
- Who will buy Danone's Stonyfield business?
- Column: Why snacking is the new meal
- Opinion: Big Food needs to think radically
- Nestle Q1 update: four things to learn
- PepsiCo affirms full-year target as Q1 hits mark
- Nestle to cut UK confectionery jobs
- Glanbia signs deal on Dairy Ireland stake sale
- Dole Food Co. files to go public again
- 2 Sisters' chief Boparan invests in UK's Crawshaw