Japanese noodle giant Nissin Food Products Co. has revealed plans to acquire frozen food group Nicky Foods for JPY1.8bn (US$16.9m).
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The move, which will significantly strengthen Nissin’s frozen business, will see Nissin buy all outstanding Nicky shares on 1 July.
The acquisition will expand Nissin’s frozen food sales to JPY40bn, the company said in a statement. The company added that it plans to grow this figure to JPY50bn by 2010.
In February, Nissin ripped up plans to merge its frozen foods business with local tobacco giant Japan Tobacco amid claims that ten Japanese had fallen ill after eating poisoned Chinese dumplings sold by the cigarette maker.
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