Mar. 31, 2023
Sumitomo Corporation

Notice Concerning Ownership Restructuring Related to Intermediary Holding Companies for the Fresh Produce Business in Europe and the Americas

Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; President and CEO: Masayuki Hyodo) has decided to liquidate two of its companies―ND Cayman Holding (hereinafter “ND Cayman”), a wholly owned subsidiary of Sumitomo Corporation, and Summit Fresh Products Ireland (hereinafter “SFP Ireland”), a subsidiary of ND Cayman―after distribution in kind of the holdings of the said two companies. Details are described below.

1. Reasons
ND Cayman and SFP Ireland (hereinafter “two intermediary holding companies”) were formed as intermediary holding companies of Fyffes International SA (hereinafter “Fyffes”), which engages in the production and wholesale of fresh produce mainly in Europe and the Americas, and Highline Produce Limited (hereinafter “Highline”), which specializes in mushroom production and sales in North America. For the purpose of upgrading business administration systems and reducing administration costs, we have decided that the best possible action to take will be to liquidate the two intermediary holding companies after distribution in kind of the two companies’ holdings, and restructure the ownership of Fyffes and Highline.

2. Schedule
The distribution in kind is scheduled to be completed in mid-March, 2023. Following this, we will perform the necessary procedures to commence liquidation proceedings. 

For Fyffes and Highline, we will continue carrying out structural reform programs to enhance business foundations and reduce costs, as well as promoting sustainability strategies for increased profitability, with the aim of contributing to development of local society and economy through the stable supply of food.  

■Company profile
・ND Cayman
 Company name : ND Cayman Holding
 Address : Intertrust Corporate Services (Cayman) Limited, George Town, Grand Cayman, Cayman Islands
 Representative : Seiji Okamoto
 Capitalization : 6 Euro
 Business details : Investment in Summit Fresh Produce Limited

・SFP Ireland

 Company name : Summit Fresh Produce Limited
 Address : 29 North Anne Street Dublin 7 Ireland
 Representative : Kenji Terai
 Capitalization : 313,788,569 Euro
 Business details : Investment in the business of fresh produce production and wholesale in the Americas and Europe; investment in the business of mushroom production and sales in North America

Corporate Communications Department, Sumitomo Corporation
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