Yoshimura Food to buy Singapore kitchen equipment maker NKR Continental
SINGAPORE, NNA – Japanese food maker Yoshimura Food Holdings K.K. will acquire a 70 percent stake in Singaporean kitchen equipment maker NKR Continental Pte. Ltd. to enter the equipment field to achieve future growth.
The company said in a statement Wednesday that Yoshimura Food Holdings Asia Pte. Ltd., its wholly owned regional headquarters in Singapore, plans to buy the share for around 2 billion yen ($18.4 million) on Jan. 15. The current management members continue to hold the remaining 30 percent.
NKR Continental, founded in 1972, produces kitchen equipment in the city-state and Malaysia, supplying the product, including imported items from Japanese, European and U.S. makers, mainly to five-star hotels, hospitals and major dining chain operators, the statement said.
The Tokyo-based group, comprising 18 small food makers and traders in Japan and overseas, aims to expand sales of both foods and equipment through the channels of the Singapore firm.
Since late 2017, it has taken over three Singapore firms -- sushi maker JSTT Singapore Pte. Ltd., fish product wholesaler Sin Hin Frozen Food Pte. Ltd. and frozen fish processor Pacific Sorby Pte. Ltd. -- in gearing up its overseas business expansion via acquisitions.
Through the latest buyout, the Japanese company is stepping up its efforts to share customer bases, a spokesman in Tokyo told NNA Wednesday, adding that Pacific Sorby has obtained a major local hotel chain as a new client on referral from NKR.