Hoshizaki takes 51% stake in Vietnamese company

JAPAN/VIETNAM: Hoshizaki, the Japanese manufacturer of commercial food and beverage refrigeration equipment, has acquired a majority shareholding in Vietnamese company Asia Refrigeration Industry (ARICO).

The 51% share acquisition was conducted through Hoshizaki’s subsidiaries Hoshizaki Southeast Asia Holdings Pte Ltd and Hoshizaki Vietnam Corporation.

Established in 1977 in a workshop making block ice and refrigeration equipment parts, ARICO developed into a leading refrigeration company with its headquarter and factories located in Ho Chi Minh City.

ARICO is said to be a highly regarded company with a strong track record in the food processing industry, and is recognised for its advanced manufacturing technologies for industrial refrigeration and food processing equipment.

In a statement on the group’s website, Hoshizaki says that with the acquisition it aims to establish a production base for Hoshizaki brand commercial refrigerators for the Southeast Asian market, with a focus on expanding both sales and market share in the region.