22 Feb 2012 - Itochu Corporation (headquartered in Minato-ku, Tokyo) announced today that it has reached an agreement to establish a joint venture company in Indonesia together with PT Rodamas, an Indonesian company and Megmilk Snow Brand Co., Ltd. (headquartered in Shinjuku-ku, Tokyo).
Indonesia has the largest population in South East Asia (approximately 240 million in population, 4th largest in the world), and is currently enjoying a continuous rapid economic growth. A joint venture will be established in Indonesia to manufacture and market processed cheese combining the overseas material purchasing power of Itochu, the technology of Snow Brand and the domestic sales force of Rodamas, to actively pursue business in the country, where the market size of processed cheese is expected to further expand. With the establishment of the joint venture in Indonesia as the springboard, Itochu expects to expand its dairy product business in the Asian countries.
The venture will require investments of around US$ 5 million and will be based in Bekasi, West Java Province, Republic of Indonesia. The venture will be called PT Megmilk Snow Brand Indonesia and the shareholding pattern will be Snow Brand: 51%, Rodamas: 40%, Itochu: 9%