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- Mitsui & Co., Ltd.
Corporate Communications Division
Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) has established Uwajima-kaido Co., Ltd. ("the Project Company") to commence a farmed fish processing business ("the Project") in Uwajima City, Ehime Prefecture, through joint investment with DAINICHI Corporation ("Dainichi", Head Office: Uwajima City, Ehime Prefecture, President: Makoto Tamaru) and Onsui Co., Ltd. ("Onsui", Head Office: Nagaoka City, Niigata Prefecture, President: Kenichi Sakurai). The Iyo Evergreen Sixtiary Industrialization Support Fund Investment Business Limited Partnership ("Sixtiary Industrialization Support Fund") has today decided to invest in the Project Company.
Marine aquaculture is an extremely important local industry in Shikoku. The region accounts for 24% of national production in value terms, and Ehime Prefecture is Japan's largest producer. One consequence of changes in Japanese lifestyles over the past few years has been that more people are eating meals alone. This is reflected in a growing need for value-added processed seafood products. While responding to such growing needs for individual meals in the domestic market, the Project Company will also target export sales in rapidly expanding overseas markets, and will contribute to the local industry by selling processed yellowtail, amberjack, red sea bream and other species.
As a leading aquaculture total support company in Shikoku, Dainichi processes and sells high-quality fresh farmed fish and is also involved in the manufacture and sales of aquaculture feed. All of these activities are backed by Dainichi's strong commitment to quality and safety. Onsui is a processing company with its own special freezing technology known as Cho-rei-kun*1, which impedes quality deterioration during long-term frozen storage. The Project Company will use this technology to achieve quality-based differentiation of its processed seafood products.
The Sixtiary Industrialization Support Fund was established with investments from organizations, including the Iyo Bank, Ltd. and the Agriculture, Forestry and Fisheries Fund Corporation for Innovation, Value-Chain and Expansion Japan. Its mission is to contribute to regional revitalization through the sustainable development of agriculture, forestry and fisheries, by providing support for collaborative processing and sales initiatives by agriculture, forestry and fisheries operators and secondary and tertiary industry business operators, as well as support for commercialization initiatives based on the environments and resources of agricultural, forestry and fishing communities.
Mitsui will use its group network to expand sales of the Project Company's high-added-value processed seafood products both in the domestic market and overseas. It will also work through the Project to support the development of the aquaculture and processing industries in Shikoku. Mitsui will continue to expand its networking with local companies and local governments with the aim of contributing to regional economic revitalization through the reinforcement of its business activities in Japan.
*1 Cho-rei-kun is a patented technology owned by Onsui. The method involves the injection of smoke solution, which is saturated with smoke, into live fish before the removal of blood. Benefits include preservation and the prevention of color deterioration. The method is a reliable way of preserving fish and maintaining quality during long-term frozen storage.
|Company Name||Uwajima-kaido Co., Ltd. (Representative Director: Makoto Tamaru)|
|Head Office||1835 Yorimatsukou, Uwajima City, Ehime Prefecture|
|Capital (after investment by fund)||¥300 million|
|Shareholdings (after investment by fund)||Sixtiary Industrialization Support Fund: 50%
|Business activities||Purchasing, processing and sale of yellowtail, amberjack, red sea bream, etc.|
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
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