American pork producer to be bought by Mitsubishi subsidiary
Mitsubishi Corp will acquire Speciality Foods Group, a US ham and sausage maker, in a deal worth 100 million dollars, informs Nikkei Asia.
The deal will be conducted through Indiana Packers, a subsidiary of the Japanese corporation, and is meant to create a vertically integrated pork business in the US, with Indiana Packers providing Specialty Foods pork for processing. Indiana Packers also will acquire the company's sales network, reaching retailers like Walmart, and bring its existing strengths in restaurants and wholesalers to expand sales of Specialty Foods products.
The deal comes at a time when pork consumption in the US is expected to grow and feed costs are expected to ease due to the trade frictions between the US and China. Last year, the domestic market accounted for 9.5 million tons of pork and the figure is expected to grow at 10.5 million tons in 2018.
(Photo source: 1zoom.me)
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