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.
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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.
