Blog: Dean BestJapan's Itochu in another agrifood deal

Dean Best | 28 July 2014

Almost a year after buying Dole Food Co.'s international packaged food and Asian fresh businesses, Japanese trading house Itochu Corp. has looked again to the wider agrifood sector to diversify its business interests.

Itochu has announced a "strategic alliance" with Thailand-based company Charoen Pokphand Group.

The deal will see CP group buying almost 5% of Itochu while Japan's number three trading house will acquire a quarter of the Thai group's Hong Kong-listed subsidiary C.P. Pokphand Co., which does business in livestock, animal feed and aquatic products in China and Vietnam.

The agreement is another example of a major Japanese business looking to broaden its business in other Asian countries to offset a slow-growth domestic market.

"CPP's main businesses are in China, so our main target through this alliance is China," Koji Takayanagi, senior managing executive officer at Itochu, said, according to Reuters.

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