Mitsui expands into ingredients with new acquisition

The closing date and purchase price of transaction have not been disclosed, as these remain estimates, said Mitsui.

Headquartered in New Jersey, Mitsui Foods Inc (MFI) is a subsidiary of Japanese firm Mitsui & Co, one of the world's top 11 largest corporations, with sales exceeding $108bn in 2003.

MFI, which primarily supplies seafood, fruit and vegetable products to the foodservice and retail, will now leverage Hartog's reputation as a global supplier of processed fruit and vegetable products to the food and beverage industry.

Fruit ingredients firm Hartog Foods will be integrated into MFI's newly created Ingredients Division, where it is expected to "greatly strengthen" MFI's product portfolio.

According to MFI, its Ingredients Division will focus its procurement and sales efforts in the ingredients and raw materials arena, particularly juice concentrates, organic juices and fruit products, essences, purees, citrus oils and flavor ingredients.

"The combined resources of MFI and Hartog Foods, including their respective networks of food and ingredient industry professionals located throughout the world, will provide MFI both the leverage and efficiencies that few of its competitors can match,"​ said MFI in a statement last week.

Hartog will be a major component of MFI's ingredients division, which will be headed by newly appointed Gene Grant, who previously held management positions at Givaudan Flavors and The Coca-Cola Co.

"The acquisition of Hartog Foods is a milestone in the ongoing development of our Ingredients Division at MFI. The combined strength and leverage of worldwide sourcing and financial capabilities as well as the long term relationships developed by both companies places Mitsui Foods, Inc. at the forefront of the ingredients industry,"​ said Grant.

On its side, Hartog said it looks forward to "the new opportunities this presents for innovation and efficiency."​