Snow Brand Foods (SBF), once Japan’s sixth largest meat processor and now a scandal tainted unit awaiting liquidation next month, revealed plans earlier today [Friday] to sell its imported food additives business.
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The firm has lined up Japanese trading house Nissho Iwai Corp as a buyer and a spokesman from Nissho revealed that the deal is worth an estimated ¥1bn to ¥2bn (US$76m to US$152m). The transaction will take place on 31 March.
The imported food-additives division supplies food producers with essential ingredients for products such as yoghurt and jam, and posts annual sales of about ¥5bn.
SBF admitted in January to conducting labelling fraud in order to benefit from government subsidies introduced after the emergence of BSE in the national herd. The company said that the proceeds from the sale wil be used to pay off liabilities.
