Worker at Anzco Foods, winner of a 2016 Eeca energy conservation award
Worker at Anzco Foods, winner of a 2016 Eeca energy conservation award
Listed Japanese company Itoham Yonekyu Holdings has received approval from the Overseas Investment Office to increase its shareholding in Anzco Foods to 100% ownership. The company, through its fully owned subsidiary Itoham Foods, has received ministerial consent. It previously had a 65% stake.
Anzco Foods has been 82.35% overseas owned andthe increase in Itoham Yonekyu's shareholding will come from the purchase of all shares now held by Nippon Suisan Kaisha Ltd (Nissui) and Anzco Foods directors and management.
Nissui holds 16.76% of the shares while Anzco Foods founder and chairman Sir Graeme Harrison and management have 18.24%.
The change in ownership will complete a planned succession process for the business. Sir Graeme has signalled he will retire in March.
Itoham Yonekyu, whose largest investor is Mitsubishi Corp, signalled it would not be making any significant changes to business operations in the foreseeable future.
Anzco Foods, which employs 3000 people, has three manufacturing sites, seven processing sites and a cattle feedlot. About 85 people are employed at its Green Island site in Dunedin, where Angel Bay patties are produced and sold around the world.
