One of Japan’s largest bakeries, Yamazaki Baking Co, plans to raise its stake in Japanese confectionery maker Fujiya from 35% to 51%.
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By buying JPY7.87bn (US$80.7m) new Fujiya shares and strengthening its control of the ailing sweets maker, Yamazaki hopes to speed Fujiya’s turnaround.
Fujiya failed to meet forecasts and return to profitability this year.
Yamazaki will be retaining Fujiya management for the time being, but said it will be replacing the board sometime next year.
“We plan to make Fujiya a subsidiary of Yamazaki,” a spokesman told just-food. “And to revive… the company by strengthening management and accelerating business infrastructure.”
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