Hoshizaki's Units Acquires 51% Stake in Asia Refrigeration Industry Joint Stock for 1.35 Billion Yen

MT Newswires Live12-20

Hoshizaki's (TYO:6465) subsidiary Hoshizaki Southeast Asia and sub-subsidiary is acquiring a 51% stake in Vietnam-based Asia Refrigeration Industry Joint Stock Co (Arico), for 1.35 billion yen, according to its filing on Thursday.

This acquisition will make Arico a subsidiary of Hoshizaki Southeast Asia, enhancing Hoshizaki's business presence in Vietnam and Southeast Asia.

Arico, known for its expertise in industrial refrigeration and food processing equipment, will serve as a production base for Hoshizaki's commercial refrigerators in the region.

The transaction agreement was signed on Dec. 19, 2024, with the share acquisition expected in February 2025.

Price (JPY): $6251.00, Change: $-66, Percent Change: -1.04%

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