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Hoshizaki buys Philippines food service company

JAPAN: Refrigeration equipment manufacturer Hoshizaki has acquired two foodservice equipment subsidiaries of the Philippines-based Techno Holdings Corporation.

The JPY11.4bn ($74m) deal sees Hoshizaki acquiring 100% of the shares of Technolux Equipment and Supply Corporation and 80% of the shares of HKR Equipment Corporation through its subsidiary Hoshizaki Southeast Asia Holdings Pte Ltd.

Technolux and HKR are described as the largest import and sales company for foodservice equipment in the Philippines, with wide experience in supplying a wide range of major global-brand products for various prestige local chain hotels and restaurants and known for its good quality after-sale service.

Through the share acquisitions, Hoshizaki aims to increase its business across southeast Asia including the Philippines, where it envisages a high potential for growth. 

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