Compass Group PLC
29 March 2001
29 March 2001
Compass Group announces joint venture in Japan with Itochu Corporation
Compass Group is delighted to announce the formation of a joint venture,
Compass Group Japan, with the Itochu Corporation and Fuji Oil through the
acquisition of an initial 45% of the shares of GMJ, with an agreement in place
for a further 5% of the shares over the next 3 years.
Compass Group Japan will initially have annual revenues in excess of Y3
billion (£17 million) in a foodservice market of Y3,200 billion (£18 billion).
With business across Japan, the Company has contracts in the business and
industry, education and healthcare sectors, employing over 600 people. Major
clients include Fuji Xerox, Isuzu Castic and Akebono Break. It is envisaged
that over the next three to five years, with the aid of its new partners, the
Company's growth will be both organic and through acquisition.
Michael J Bailey, Chief Executive Compass Group, said: 'The Japanese contract
foodservice market is an important opportunity for Compass Group as it is the
second largest single foodservice market in the world. We are delighted to
have the opportunity to work in this joint venture with Itochu Corporation and
Fuji Oil as such large and dynamic Japanese groups give us excellent partners,
and a strong business base from which to grow. We see this as a strategically
important step in the Group's future development.'
The Chief Executive of Compass Group Japan was confirmed as Tadahisa
Ichihashi, who is delighted with the move since it provides Compass Group
Japan with superb resources from which to build a leading position in the
Japanese foodservice market. This was further echoed by Graham Smith,
Chairman to the new joint venture, who sees the relationship with the Compass
Group as being timely, bringing international expertise and the brands for
which the Compass Group are so well known, while Itochu Corporation and Fuji
Oil will bring local support and market intelligence.
Ends
For further information contact:
Cathi Lawrence
Corporate Communications Director, Compass Group 01932 573000
Nick Lyon/Wendy Baker, Hudson Sandler 020 7796 4133
Notes
1. Itochu Corp. is a leading trading company in Japan with sales of Y
12,1440 billion annually. Itochu trades worldwide in food products, textiles,
machinery, building supplies, manufacturing industries, IT industries.
2. Fuji Oil is one of the world largest edible oil companies and provider
of fats for the chocolate industry. In addition, it manufactures soy protein
products with annual sales of Y150 billion.
3. Compass Group is the world's largest foodservice company employing
over 265,000 people in over 80 countries and with proforma annual revenues in
excess of £8billion. The Group provides foodservice for clients including
major employers, educational establishments, hospitals, leisure venues, retail
locations, motorway service areas and at major airports and stations
throughout USA, Europe, Scandinavia and developing markets in Asia and South
America. It operates through sector-specific subsidiaries such as Eurest, the
world's largest specialist in providing foodservice to business and industry
clients. For further information visit www.compass-group.com
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.