Beef exports should get boost from new venture
New Zealand beef exports to Japan are likely to be boosted with a new joint venture announced yesterday. Overseas Investment Commission approval has been granted for a joint investment company to be formed by Nippon Suisan Kaisha, Ltd, of Japan, and the Asian New Zealand Meat Company, Ltd (Anzco). The new company will be known as Southern Nissui, Ltd, and will ini-
tially focus on canned beef products. From April 1 next year Japan is to liberalise imports of processed meat items, with a tariff of 45 per cent on canned beef. The chairman of the new company will be Mr Yukio Sakamoto, the senior managing director of Nippon Suisan. The company’s managing director will be Mr Graeme Harrison, who is also the managing director of Anzco.
Nippon Suisan, Ltd, will take a 60 per cent holding in the joint venture company, with 40 per cent to Anzco. It is intended the company will involve a third New Zealand party in each business it establishes. Nippon Suisan, the world’s largest fish catching company, is ranked as Japan’s most financially secure marine products company. It is also Japan’s second biggest frozen food and third biggest canning company.
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Press, 18 March 1989, Page 7
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204Beef exports should get boost from new venture Press, 18 March 1989, Page 7
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