Nissin Sugar Co., Ltd. completed the acquisition of Itochu Sugar Co., Ltd. from ITOCHU Corporation.
January 31, 2022
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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 à 31 billion ,total assets as à 24 billion and EBIT as Ã1.7billion. 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.
Nissin Sugar Co., Ltd. (TSE:2117) completed the acquisition of Itochu Sugar Co., Ltd. from ITOCHU Corporation (TSE:8001) on January 1, 2023.
Wellneo Sugar Co Ltd, former Nissin Sugar Co Ltd, is a Japan-based company mainly engaged in the manufacture and sale of sugar. The Company operates in three business segments. The Sugar and Other Foods segment is engaged in the manufacture and sale of sugar and the sale of sweeteners and other food products. This segment is also engaged in the manufacture and sale of foil stamping on food packages, edible pure gold leaf, and water-soluble edible film. The Health Industry segment is mainly engaged in the operation of the comprehensive fitness club named Do Sports Plaza, Sports Club Entertainment A-1, hot yoga and collagen studio exclusively for women named BLEDA, and the compact gym DO SMART and A-1 EXPRESS, A-1 Light GYM 24. The Warehouse Business segment mainly owns refrigerated warehouses and engages in storage, cargo handling, and port transportation operations.