Sellout of Leuchtturm Beteiligungs- und Holding Germany AG
Tokyo-Nippon Suisan Kaisha, Ltd. (Norio Hosomi, President and CEO, hereinafter called "Nissui") today announced that it has agreed to sell all its stocks in Leuchtturm Beteiligungs- und Holding Germany AG (hereinafter called "Leuchtturm"), a consolidated subsidiary, in Niedersachsen, Germany, to a consortium of investors led by Pacific Andes International Holdings Limited (hereinafter called "PA"). The consortium is also the owner of Pickenpack Europe GmbH which produces frozen seafood products for the German market.
Leuchtturm sells frozen seafood products, processed at a factory of its subsidiary, The Seafood Traders GmbH (hereinafter called "TST") in northern Germany, mainly for the German market.
Nissui, together with its local partner, Beacon Holding GmbH (hereinafter called as "Beacon") made joint investments in Leuchtturm in January 2012.However, in addition to losses related to the launch of the newly-built production line at TST, Leuchtturm has faced a worsening business environment resulting from extensive market competition and other factors, and has continued to incur unexpected losses which were greater than originally planned. As a result, Nissui has carefully considered measures to be taken and, after negotiating with PA, has decided to sell all stocks of Leuchtturm, including stocks held by Beacon, to the consortium of investors led by PA. The decision was made from the management stance of giving priority to the financial soundness of the Group.
At present, the business forecast for fiscal 2013 as announced on May 15, 2013 stands to remain unaffected by the aforementioned sale of stocks.
* The sale will be executed upon obtaining the approval of the German Federal Cartel Office.
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