Warabeya USA,INC. agreed to acquire additional 80.7% stake in Prime Deli Corporation from Prima Meat Packers, Ltd. for $7.4 million.
October 04, 2017
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Warabeya USA,INC. agreed to acquire additional 80.7% stake in Prime Deli Corporation from Prima Meat Packers, Ltd. (TSE:2281) for $7.4 million on October 5, 2017. Under the terms of the transaction, Warabeya will acquire the remaining 121 shares in Prime Deli; 106 shares in October 2017 and 15 shares in January 2019. For the year ended March 31, 2017, Prime Deli had net sales of $25.9 million, operating income of $2.1 million and net assets of $4.7 million. The transaction is expected to be completed in January 2019. The transaction will have only a modest impact on the Warabeya 's results for the current fiscal year but is expected to be positive for earnings over the medium and long term.
Prima Meat Packers, Ltd. is a Japan-based company principally engaged in the production and sale of meat products and processed products. The Company operates in two business segments. The Processed Food Business Division segment is engaged in the manufacture and sale of processed foods, the supply of side dishes, the sale of hams and sausages and other related products, as well as the provision of cleaning services. The Meat Business Division segment is engaged in beef production and related business, as well as the processing and logistics of meat. The Company is also engaged in information processing business, human resources, insurance and real estate services business, the development, manufacture and sale of physics and chemistry equipment, as well as consulting services such as inspection and hygiene management.
PRIMA MEAT PACKERS, LTD. 
