TOKYO, Jan 8, 2019 - (JCN Newswire) - Mitsubishi Corporation is pleased to announce that its joint venture with Kaneka Corporation, PT. Kaneka Foods Indonesia (KFI), will open a new factory in the city of Bekasi in Indonesia. The move is aimed at enhancing KFI's presence in confectionary and bakery ingredients markets in fast-growing Indonesia. The new factory will install equipment for the manufacture of filling and other processed oil products such as margarine, and will have a production capacity of 15,000 metric tons per year. This project will be invested total 5 billion yen, and the start of commercial production is planned for the first quarter of 2020.
The confectionary and bakery market is expected to continue seeing steady expansion in Indonesia and other Asian countries due to overall population increases as well as the expansion of middle to high end consumer classes. This is especially so in Indonesia where the preference for baked products is increasingly an accepted part of daily life-styles, and where the consumption of baked goods has been showing a compound annual growth rate of 5%. KFI has, since 2013, been responding to customer needs by developing high-quality products that align with local tastes. As a result of this effort, KFI has achieved business expansion, including the successful introduction of a kind of soft bread with an unfamiliar texture to the Indonesian market.
Setting up this new factory will allow KFI to enter a new stage through the supply of new products such as margarine. Furthermore, KFI will be better able to combine product knowledge and technical applications based on customers' specific needs, and accelerate product development. KFI will spread the culture of Japanese style attractive confectionary and bakery around the Asian market to achieve a target of 10 billion yen in sales.
About Mitsubishi Corporation
Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation'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.
For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
Jan 8, 2019 09:29 HKT/SGT
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058)
Topic: Press release summary
From the Asia Corporate News Network
Copyright © 2019 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.