Okamura Foods Unit to Form Trout Farming Venture in Hokkaido
Okamura Foods (TYO:2938) announced its unit Japan Salmon Farm will establish a joint venture with Hiyama Fisheries Cooperative Association and Yakumo Town in Hokkaido to engage in trout aquaculture and seafood sales, according to a Thursday filing on the Tokyo Stock Exchange.The new company, tentatively named Japan Salmon Farm Yakumo, is scheduled to be established in late May with a capital of 70 million yen. Japan Salmon Farm will hold a 97.1% stake, while Hiyama Fisheries Cooperative Association and Yakumo Town will each own 1.4%.Okamura Foods said the venture forms part of its strategy to expand domestic aquaculture production capacity and overseas wholesale operations under its Medium-term Management Targets 2030 plan. The company aims to increase domestic aquaculture production to 12,000 tons and sees land-based farms as a key area for expansion.Operations at the joint venture are scheduled to begin in December.
