Entering the Chinese Seafood Market: Mitsubishi Corporation Establishes Joint Venture to Process and Supply Seafood in China
April 24, 2014     Japanese 
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Entering the Chinese Seafood Market: Mitsubishi Corporation Establishes Joint Venture to Process and Supply Seafood in China    - JCN Newswire
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Entering the Chinese Seafood Market: Mitsubishi Corporation Establishes Joint Venture to Process and Supply Seafood in China

Tokyo, Dec 24, 2013 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce a new partnership, with Zhejiang Ocean Family Co., Ltd. (ZOF), to establish a joint venture company in Hangzhou, China. The new company, Zhejiang Daling Seafood Co., Ltd., will process seafood for supply to the Chinese market.

ZOF specializes in ocean fisheries and the processing, sales and distribution of seafood. ZOF has also been a pioneer in developing the sushi and sashimi markets in China through unique sales and marketing methods such as the introduction of its "Ocean Family" brand of products and the launch of seafood counters in high-end supermarkets and department stores. The new company will take over these domestic sales and marketing functions from ZOF and will draw on the knowledge and experience gained by MC in the Japanese market to introduce a new style of seafood sales and distribution in China.

The new company will seek to meet the growing demand for sushi and sashimi by extending the range of products distributed in the Chinese market, including products from MC group farms such as Chilean farmed salmon, Thai farmed shrimp and Japanese farmed tuna, as well as wild tuna caught by ZOF's fishing vessels. Furthermore, the new company will also handle fresh seafood such as scallops, saury and yellowtail from Japan. This expansion in the availability of washoku, or Japanese style cuisine, fits well within the context of an increasingly diversified Chinese food market.

New Strategic Direction, MC's new corporate strategy released in 2013, sets out as part of its long-term growth vision circa 2020 to secure stable supply sources globally and to capture growing demand in Asia. In keeping with this strategy, MC is seeking to expand its participation in the global seafood value chain by linking this new point of distribution and sales in China to existing supply bases such as the salmon farm in Chile and the shrimp farm in Thailand, both in operation since 2011.

About Mitsubishi Corporation

Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.

Contact:

Mitsubishi Corporation
Telephone:+81 3 3210 2171 
Facsimile:+81 3 5252 7705

 


Dec 24, 2013
Source: Mitsubishi Corporation

Mitsubishi Corporation (TSE: 8058) (FTSE: MBC)

From the Japan Corporate News Network
http://www.japancorp.net
Topic: Joint Venture
View more news from these Sectors: Food & Beverage, Electronics General


 
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