Nissin Sugar Co., Ltd. (TSE:2117) executed a basic agreement to acquire Itochu Sugar Co., Ltd from ITOCHU Corporation (TSE:8001) on June 10, 2022.Nissin Sugar and ITOCHU will carry out a share exchange with Nissin Sugar as the wholly-owning parent company in the share exchange and ITOCHU Sugar as the wholly-owned subsidiary in the share exchange the companies will Execute a definitive agreement concerning Business Integration on Early September 2022. As of March 2022, Itochu Sugar reported total revenues as ¥ 31 billion ,total assets as ¥ 24 billion and EBIT as ¥1.7billion. the transaction is expected to complete on January 1,2023.

As of September 29, 2022. Companies have reached to definitive agreement to acquire Itochu Sugar Co., Ltd. As of September 29, 2022, board of directors of Nissin Sugar Co., Ltd. approved the transaction.