Expansion of the Plant-Based Foods (PBF) Business in the North American Market
First written in FY2024-Q1. 3 of 4 entries say "Advanced", first in FY2024-Q2. Latest entry: FY2025-H1.
The whole theme swung hardest in 2026: 1 of 9 companies on the "Worse" side.
6 other companies' latest entry also says "Advanced".
- FY2025-H1AdvancedAnnual report
「Overseas business: Although the business was affected by a decline following the sharp expansion of MILEI GmbH (MILEI) in the first quarter of the previous fiscal year, revenue increased for Morinaga Nutritional Foods, Inc. (MNF) in the US, and exports of bacterial cultures remained firm, resulting in higher revenue for the business as a whole.」
The increase in revenue at North American MNF and firm exports of bacterial cultures are cited as progress toward expanding the overseas business, including in North America. - FY2024-Q3AdvancedAnnual report
「Overseas business: Although the export business and MILEI GmbH (MILEI), which also saw a reactionary decline after its substantial expansion in the previous fiscal year, both declined in revenue, the overall business increased revenue, helped by NutriCo Morinaga (Pvt.) LTD. (NutriCo Morinaga), Turtle Island Foods, Inc. (Turtle Island Foods) and Morinaga Le May Vietnam Joint Stock Company (Morinaga Le May), which became newly consolidated subsidiaries through M&A.」
Newly consolidated M&A subsidiaries, including US-based Turtle Island Foods, contributed to higher revenue in the overseas business, as the Company advances the expansion of its overseas business, including in North America. - FY2024-Q2AdvancedAnnual report
「Overseas business: Net sales ¥34,324 million (up 16.8% year on year) Overseas business: Operating profit ¥3,981 million (up ¥638 million year on year)」
The overseas business recorded higher revenue and profit, including contributions from newly consolidated subsidiaries such as Turtle Island Foods, NutriCo Morinaga and Morinaga Le May Vietnam. For Turtle Island Foods, provisional goodwill of ¥3,653 million was also recognized in the Food segment. - FY2024-Q1First statedAnnual report
「One of the Morinaga Milk Industry Group's 10-year visions is to become a global company with a distinctive presence worldwide, with overseas sales accounting for at least 15% by the fiscal year ending March 2029. As one of its overseas business policies, the Company is working to expand its PBF business in the North American market.」
The Company identified plant-based foods (PBF) in the North American market for the first time as an independent overseas growth area. On 10 February 2023, it acquired Turtle Island Foods Holdings, Inc. for a 100% voting interest, at an acquisition cost of ¥1.266 billion, with goodwill provisionally estimated at ¥3.761 billion. The Company aims to further expand its PBF business in the US market by leveraging the widely recognized Tofurky brand and its sales channels.