Mar. 31, 2023
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.
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.
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 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
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