Japan’s Nissin Foods Expands Into Turkey With Local Production Plant

Nissin Foods’ Soba noodles marque connected waste successful nan UK. Credit: Steve Travelguide/Shutterstock

Japan’s Nissin Foods Holdings is mounting up a subsidiary successful Turkey for nan manufacture of noodles.

The Tokyo-headquartered shaper of nan Soba and Cup Noodles brands said it is investing Tl1.59bn ($38.1m) successful nan project.

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In a connection signed disconnected by president and CEO Koki Ando coming (1 October), Nissin Foods said it has entered an statement to acquisition a mill successful Turkey from pasta business Oba Makarnacılık Sanayi ve Ticaret.

The woody includes nan plant, located successful Sakarya province, accumulation instrumentality and fixed assets.

Nissin Foods said nan Turkey business will people nan company’s “strategic re-entry” to nan country, wherever it said “growth opportunities are robust”.

It added: “In summation to expanding nan income of instant noodles wrong Turkey, nan business will look to grow into neighbouring countries successful regions specified arsenic Central Asia, nan Middle East and northbound Africa.”

The inaugural is portion of Nissin Foods’ mid-to-long-term strategy done to 2030, intends group retired successful 2021, to make astir 45% of its halfway operating profit from overseas markets.

“Having already achieved this goal, we are committed to further strengthening our attraction connected world growth,” nan institution said.

Nissin Foods generated Y776.5bn ($5.2bn) successful income successful nan fiscal twelvemonth to 31 March, an summation of 6% from nan corresponding 12 months.

Japan accounted for Y482bn, nan Americas (listed arsenic chiefly nan US and Brazil) Y168.6bn, and different areas Y126bn.

The group’s halfway operating profit crossed each regions roseate 3.6% to Y83.6bn, while operating profit climbed 1.4% to Y74.4bn.

Profit attributable to shareholders was up 1.6% astatine Y55bn.

Nissin Foods is disconnected to a subdued commencement successful its caller fiscal year, pinch each cardinal metrics showing a diminution successful nan first quarter.

According to nan company’s results issued successful August, income were down 4.3% astatine Y177bn.

Core operating profit dropped 25.5% to Y17.4bn and operating profit decreased 27.5% to Y15.8bn.

Net income to shareholders was down 29.3% astatine Y11.2bn.

Nissin Foods Co., nan Hong Kong-listed limb of Japan’s Nissin Foods Holdings, expanded successful Australia past twelvemonth pinch nan acquisition of stiff dumplings shaper ABC Pastry done its Hong Kong-listed business unit.

At nan time, Nissin Foods Co. said nan acquisition was “a premium opportunity for nan group to pat into nan Australian stiff nutrient market”.

Another woody was besides struck past year successful South Korea. Nissin Foods Co. snapped up baked grains crispy rolls shaper Gaemi Food.