Svendborg, 1 September 2009

The activities of J.P. Klausen & Co. A/S in South America have grown over the last years and as a result, J.P. Klausen & Co. A/S has opened J.P. Klausen South America.
Through this office our aim is to further increase our service levels and secure the best quality and safety of products to our customers from one of the main seafood supply areas in the world. 
Managing Director will be Franco Marabini.



 

 

Thank you for your visit and we hope to see you again soon.

Nippon Suisan Kaisha, Ltd. (President and CEO: Naoya Kakizoe) is pleased to announce that in conjunction with the merger of Alaska Ocean Seafood LP (hereinafter “AOS”), a fishery company accounted for by the equity method in which Nippon Suisan (U.S.A.), Inc.—a wholly-owned subsidiary of the Company—holds 25% of its shares, with Glacier Fish Company, LLC (hereinafter “GFC”), a fishery company in the same line of business, the Company has decided to acquire 25% of GFC shares through the exchange of AOS shares with GFC shares and an additional equity investment, and signed an agreement on May20 , 2008 (local time). The additional equity investment, which will accompany the acquisition of shares, will be in the amount of USD 26.3 million (approximately 2.7 billion yen). As is the case with the investment in AOS, this investment will be made through Nippon Suisan (U.S.A.), and GFC will subsequently become an associated company of the Nissui Group accounted for by the equity method.
The investment in GFC will be made to enhance the accessibility to resources, which is a key measure under the New TGL Plan (the Medium-Term Management Plan for FY2006 through FY2011), for the purpose of enhancing the competitive edge of the Group as a whole by linking resources to markets in an integrated manner. In particular, this investment will increase the Group’s capacity to supply high-quality products by processing Alaska Pollock, etc. on the sea, and will generate synergies among the Group’s global product and sales networks.

Overview of GFC
Trade name: Glacier Fish Company, LLC
Location: Seattle, Washington
Representative:
Erik Breivik, CEO
John Bundy, President
Date of merger: Scheduled for early June 2008
Major shareholders and shareholding ratio:
Norton Sound Economic Development Corporation, A.S.Atlantic-U.S.A.Inc. etc 75%
Nippon Suisan (U.S.A.), Inc. 25%
Main business: Owns and operates factory trawlers and long-liners and runs a white fish business including Alaska Pollock, Pacific cod and Pacific whiting.
Major products: Production and sales of fish fillets, fish paste (surimi) and fish roe
Number of employees: 400
Business performance:
Sales USD 89 million (approximately 9.3 billion yen) (FY2007 results)
Sales USD 112 million (approximately 11.7 billion yen) (FY2008 projection)
Facilities: 3 factory trawlers, 2 long-liners
(Reference)
Relationship between AOS and Nippon Suisan Kaisha ,Ltd.(Nissui)
In 2002 Nissui acquired 25% equity in AOS, which was later succeeded by Nippon Suisan (U.S.A.).
(Main business of AOS and FY2007 results)
Owns and operates 1 factory trawler and runs a white fish business including Alaska Pollock and Pacific whiting.
Nissui handles AOS’ fish paste (surimi), pollock roe, fish meal and other products, while Gorton’s, Inc. and J.P. Klausen & Co. A/S (Denmark) and other companies of the Nissui Group handle AOS’ fillets, fish paste (surimi) and other products.
Sales: USD 41 million (approximately 4.3 billion yen) (FY2007 results)

(Acquisition of 25% of GFC shares)
In the United States, the U.S. Fisheries Law prohibits foreign capital from holding more than 25% of all shares of a fishery company. Therefore, 25% is the maximum shareholding allowed to a Japanese company.