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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) has decided to acquire a partial shareholding in the Italian food business operator Euricom S.p.A. ("Euricom"), and related agreements have been concluded. Following the acquisition of the shares at approximately ¥20 billion, Euricom will become Mitsui's equity method affiliate.
Euricom is Europe's one of the biggest producers and suppliers of rice, processed rice products, pulses, and other products. In addition to supplying a diverse range of private label products to major retailers with a number of sales outlets across Europe, it also sells rice to global food manufacturers for use as raw material. As a leading player in the supply of rice-related private label products in Europe, it has processing facilities throughout Europe and business operations in over 30 countries worldwide.
Against the backdrop of dietary diversification and a growing focus on health and the environment, the markets for rice products and pulses are growing across the globe. In Europe, surging immigration is also contributing to significant demand growth. In June 2022, Mitsui invested in the Euricom subsidiary Rol-Ryz sp. z o.o., which covers Eastern European markets. By investing in its parent company Euricom, Mitsui will cement a partnership spanning the whole of Europe.
Euricom has raw material procurement bases in major rice-growing regions, such as Southeast Asia, India, and South America. ETC Group Limited ("ETG"), Mitsui & Co.'s partner company, is highly competitive in originating and trading rice and pulses. By leveraging ETG's raw material procurement networks in Africa and North America with Euricom's extensive sales channels and close relationships with major European retailers, Euricom can step up the development of new rice products and strengthen their business operations in areas other than rice products, such as pulses.
Through this investment, Mitsui will accelerate the development of businesses capable of providing enhanced food experiences by responding to wide-ranging demand for delicious and healthy products, and strive to provide the value that will contribute to the improvement of the quality of dietary lifestyles.
|Official name||Euricom S.p.A.|
|Head Office Location||Lombardia, Italy|
|Business Activities||Production and sale of rice, processed rice products, pulses, etc.|
“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Secure sustainable supply of essential products” and “Enhance quality of life” and “Create an eco-friendly society”
Secure sustainable supply of essential products
Enhance quality of life
Create an eco-friendly society
Develop talent leading to value creation
Build an organization with integrity