Japan’s Itochu Corp is to buy a 20% stake in the Japanese division of UK foodservice firm Compass.
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Itochu is reported by the Nihon Keizai Shimbun to be paying ¥2.5bn (US$20.8m) for the stake in Compass’s Japanese subsidiary, Compass Group Holding Japan. The fastfood and foodservice markets are growing rapidly in Japan, where Compass set up shop last year in a joint venture with Itochu and Fuji Oil, a manufacturer of edible oils.
Compass has also decided to absorb its Japanese unit and restaurant operator Seiyo Food Systems, to regain a tight grip on management activities.
