|By JCN Newswire||
|June 24, 2014 04:03 AM EDT||
Tokyo, June 24, 2014 - (JCN Newswire) - Mitsubishi Corporation (MC) announces plans to acquire 80% of shares in Olam Grains Australia Pty Ltd (OGA), a wholly-owned subsidiary of Olam International Limited (OLAM). Through this acquisition, OGA becomes a consolidated subsidiary of MC, thereby enabling the company to expand its grain procurement business in Australia. OLAM will remain an investor in OGA with a 20% stake.
Based in Singapore, OLAM is a leading agri-business operating across the value chain in 65 countries, including African, Middle Eastern and Asian markets. OGA is OLAM's grain supply chain company focused on the Australian market, and handles a total grain volume of over 1 million metric tons a year. OGA also has a 32.5% share in Newcastle Agri Terminal (NAT), Eastern Australia's grain handling port.
The acquisition of OGA also signals MC's first involvement in the terminal business in Australia. MC has been involved in the grain procurement business in Australia for decades through subsidiary feed company Riverina, but the acquisition of interests in an export terminal bolsters its capacity to forge a stronger and more stable procurement system in Australia's competitive grain market.
Australia is one of the world's largest wheat-producing countries and the largest exporter of wheat to the South East Asian market. The demand for flour-based products such as noodles, bread and other baked products, and in turn the demand for wheat, in South East Asia has been rising over the past several years due to the increase in population and economic growth, as well as the Westernization of eating habits. These trends are expected to continue, and given its geographic advantage, the demand for Australian wheat as a commodity targeting Asian markets holds much potential for stable growth.
Emerging markets have burgeoning middle classes, resulting in increased demand for daily living essentials such as food products. MC has therefore been establishing solid partnerships with Japanese and global enterprises in countries such as Indonesia to strengthen supply-chains for living essentials businesses in an effort to meet that demand. This new investment will contribute to securing a stable supply of food products with a view to adequately meeting the needs of consumers in those rapidly growing markets.
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.
Source: Mitsubishi Corporation
Mitsubishi Corporation Telephone:+81 3 3210 2171 Facsimile:+81 3 5252 7705
Copyright 2014 JCN Newswire. All rights reserved. www.japancorp.net
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