A joint venture confectionary company is to be established in Indonesia during the early part of March by Meiji Seika Kaisha and Petra Foods Pte of Singapore.
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The 50:50 venture intends to sell two chocolate products locally under the Meiji brand name. Construction will begin on a 20,000m² plot of land near Jakarta in January, and production is expected to begin in October.
Because of sluggish growth within the confectionary sector, Meiji Seika is concentrating on foreign expansion in order to reach its consolidated sales target of ¥400bn by fiscal 2003, a figure representing a 10% increase from 1999.
At the Indonesian plant, sales are expected to reach ¥1bn during the first year of operation, representing 10% of the domestic market.
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By GlobalData
