The food giant, Nestlé, said on Tuesday that it is to begin exploratory negotiations to enter an extensive alliance in Japan with Snow Brands Milk Products.This content was published on September 26, 2000 - 16:08
The Vevey-based company said a letter of intent had already been signed. A statement said discussions would centre on how to combine the strong position of Snow Brands in the Japanese market with the technology and marketing expertise of Nestlé.
Analysts say the partnership represents a great opportunity for the Swiss company to expand its presence in Japan. Turnover for its Japanese subsidiary reached SFr3.4 billion last year.
Snow Brand is still recovering from a contaminated milk scandal that broke during the summer and grew into one of Japan's most serious food poisoning outbreaks.
As a result, the company expects to register a loss in 2000/2001 for the first time in its 50 year history.
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