Ajinomoto Co and Toyo Suisan Enter Into a JV for a Frozen Noodle Company in North America
19 Jun 2014 --- Ajinomoto Co has entered into a joint venture (JV) agreement with Toyo Suisan Kaisha(Toyo Suisan), to establish a frozen noodle production company in North America. Ajinomoto Co. plans to apply for incorporation and establish the new company.
"The new company, which will be called Ajinomoto Toyo Frozen Noodles, will have a head office in Portland, Oregon, and it will predominantly manufacture frozen noodles. It will have a capital investment of approximately $20m and the equity ownership will be 80% owned by Ajinomoto, which will be responsible for business management support, and 20% by Toyo Suisan Kaisha. The latter will look after production and development support.
The company has a sales target of approximately 6,800 tonnes after ten years of trading. Trading is scheduled to start in the fiscal year of 2015.
Ajinomoto, a Japanese company, was founded in 1909 and established in 1925. It manufactures and sells seasonings, processed foods, amino acids, pharmaceuticals, specialty chemicals, etc. The Tokyo-based Toyo Suisan Kaisha, was established in 1953 and it specialises in the manufacture and sale of instant noodles, fresh noodles, frozen noodles, processed foods, etc., seafood business, cold-storage business.
