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Japan's Meiji forms new dairy company in China

Japanese food and pharmaceuticals group Meiji Holdings Co. Ltd. said Sept. 17 that its unit, Meiji Co. Ltd., formed a Chinese dairy company called Meiji Dairies (Tianjin) Co. Ltd. to help expand the group's dairy sales in the Chinese market.

Meiji Dairies was established through Shanghai-based Meiji China Investment Co. Ltd., which manages Meiji Co.'s Chinese businesses. It will have 620 million yuan in paid-in capital and will be based at the Tianjin Economic-Technological Development Area in Tianjin, China.

Meiji Dairies will focus on the manufacturing and sale of dairy products at a 54,000 square-meter space. Production at the new site is expected to commence in the second half of the fiscal year ending March 2023.

The plan is part of the group's 2026 Vision, under which the company aims to boost its value over the long term. The initiative seeks to achieve business growth in overseas markets.

Meiji Holdings, which makes confectionery, infant formula and ethical medicines as well as dairy products, said the creation of Meiji Dairies is expected to have a minor impact for the group's fiscal year ending March 2020.

As of Sept. 17, US$1 was equivalent to 7.09 yuan.