Mitsui to purchase partial stake in Italian food company Euricom

Mitsui has announced its decision to purchase a partial stake in Italian food company, Euricom, for JPY 20 billion (approx. $142.97 million).

Euricom, a producer and supplier of rice products, has processing facilities throughout Europe and business operations in more than 30 countries around the world. The company sources rice from Southeast Asia, India and South America.

The investment will see Mitsui accelerate the development of businesses that can offer improved food experiences by catering to diverse demands for healthy products. The business strives to deliver value that enhances the quality of dietary lifestyles.

Mitsui said that its investment in Euricom was driven by the increasing demand for rice products in Europe.

The company said: “Against the backdrop of dietary diversification and a growing focus on health and the environment, the markets for rice products and pulses are growing across the globe. In Europe, surging immigration is also contributing to significant demand growth.”

Mitsui further stated that its partner company, ETC Group Limited (ETG), is “highly competitive” in originating and trading rice and pulses.

Mitsui added: “By leveraging ETG’s raw material procurement networks in Africa and North America with Euricom’s extensive sales channels and close relationships with major European retailers, Euricom can step up the development of new rice products and strengthen their business operations in areas other than rice products, such as pulses.”