|By JCN Newswire||
|August 27, 2014 05:29 AM EDT||
Tokyo, Aug 27, 2014 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce that PT. Atri Pasifik, its joint venture with PT. Sigmantara Alfindo (Alfa Group), has reached an agreement to establish a fifty-fifty joint venture with Thailand's Ichitan Group Public Company Limited (Ichitan) in Indonesia. The new company will manufacture beverages for supply to the Indonesian market.
The new company is aiming to develop, manufacture and market the Ichitan brand of tea and other beverages loved by Indonesian consumers by combining the knowledge and strengths of both companies. Ichitan will provide unique marketing strategies and a high level of product development while Atri Pasifik will provide knowledge and experience in food manufacturing and a strong distribution network, especially its robust network comprising both modern and traditional trade channels throughout Indonesia. Total authorized and paid-up capital to be invested in the new company is IDR 400 billion. The new company plans to launch new products under the Ichitan brand name in 2015 and start manufacturing from 2016.
Ichitan is the largest maker of tea-based drinks in Thailand, becoming the number one brand by market share only a year and a half after entering the local tea market. In addition to its high level of product development, Ichitan was able to achieve this by employing unique marketing strategies that effectively combine the use of traditional audiovisual and print media with the use of social networking services, or SNS.
Indonesian Beverage Market
At an estimated growth rate of 13 percent per annum, the value of the Indonesian beverage market is expected to increase from JPY 400 million in 2013 to JPY 1 billion by 2020 due to rising incomes among the middle class. Tea occupies the second largest category in the Indonesian beverage market, following mineral water, and demand is expected to expand further owing to growing health consciousness among consumers.
Emerging markets are seeing increased demand for daily living essentials such as food products due to burgeoning middle classes. MC has been working to strengthen supply-chains for its living essentials businesses in an effort to meet that demand and has been in partnership with Alfa Group in Indonesia since 2011, developing food manufacturing businesses for products such as bread and biscuits, through Atri Pasifik. MC's business partnerships in the sector do not only focus on the supply of raw materials, but MC increasingly works with Japanese and global enterprises to develop businesses in the food manufacturing sector as well. These initiatives also contribute to securing a stable supply of locally manufactured food products with a view to adequately meeting the needs of consumers in 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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