Japanese food majors Ajinomoto Co. and Itoham Foods have agreed to set up a venture to establish operations in Thailand.
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The venture, Itoham Betagro Foods Co, has been formed with commodity and livestock companies Betagro Public Co. and Hoei Bussan Co.
The business plans to establish a jointly-owned processing facility and market and sell processed meat products in the Thai market, as well as exporting to Japan.
The group also plans to import Rockdale Beef – a premium brand of beef from cattle raised by Itoham in Australia – and sell it primarily to the retail and restaurant markets in Thailand.
Itoham Betagro Foods is targeting JPY1.7bn (US$17.3m) in sales in three years, Ajinomoto said.
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By GlobalData“Through this joint venture, the Ajinomoto Group expects to enjoy an advantage in procurement of meat and other raw ingredients for its seasonings and processed food businesses,” the company added.
Ajinomoto and Itoham formed an operational alliance last May and this agreement is part of the companies’ effort to cooperate more closely and combine operational strengths.
