Japanese ham producer Sagami Ham Co. has issued further shares to major Japanese power company Air Water, giving it a controlling stake in the mid-sized food producer.

Sagami Ham will now issue JPY620m (US$) in new shares to Air Water, giving the Osaka-based company a 51% stake.

Air Water, which already makes premium ham products in Hokkaido through an affiliate, said it now wants to develop a food business focusing on frozen ingredients and raw ham.

This deal will also expand its distribution network by creating a tie-up with Air Water’s other Hokkaido- based affiliate Spring Snow.

Established in Fujisawa city in Kanagawa Prefecture in 1948, Sagami is worth about JPY1.24bn, according to Air Water.