Transfer of the Country Life and Other Health Food Businesses
First written in FY2023. 3 of 5 entries say "Advanced", first in FY2024-Q1. Latest entry: FY2025-H1.
24 other companies' latest entry also says "Cited as achieved".
- FY2025-H1Cited as achievedAnnual report
「The business primarily manufactured and sold health foods in North America. All equity interests in ALLERGY RESEARCH GROUP LLC were transferred on 30 June 2023, and all equity interests in COUNTRY LIFE, LLC were transferred on 31 July 2023.」
The transfers of the equity interests in both companies in the U.S. health food business were restated as historical business activities, confirming that the business is no longer included in the current overseas food manufacturing and sales business. - FY2024-Q3AdvancedAnnual report
「Through Country Life, LLC and Allergy Research Group, LLC, subsidiaries of KI NutriCare, Inc., which belongs to the “Overseas Food Manufacturing and Sales” segment, the Company had manufactured and sold dietary supplements, health foods, and other products in the United States. In light of recent changes in the business environment, the Company determined that concentrating and selectively allocating management resources in its overseas businesses would contribute further to enhancing corporate value. Accordingly, it entered into an agreement in June 2023 to transfer all equity interests in both companies. The transfer of Allergy Research Group, LLC was completed on 30 June 2023, and the transfer of Country Life, LLC was completed on 31 July 2023. As a result, a loss of ¥6,210 million from the transfer of equity interests was recognized under “Other expenses” in the condensed quarterly consolidated statement of profit or loss for the nine months ended 31 December.」
All equity interests in both companies in the U.S. health food business were transferred and the companies were removed from the scope of consolidation. The loss related to the transfers totaled ¥6,210 million for the nine months ended 31 December, updated from the previously disclosed ¥5,536 million. The transfer consideration was ¥7,681 million, and proceeds from the transfer involving a change in the scope of consolidation were ¥7,114 million. - FY2024-Q2AdvancedAnnual report
「Through Country Life, LLC and Allergy Research Group, LLC, subsidiaries of KI NutriCare, Inc., which belongs to the “Overseas Food Manufacturing and Sales” segment, the Company had manufactured and sold dietary supplements, health foods, and other products in the United States. In light of recent changes in the business environment, the Company determined that concentrating and selectively allocating management resources in its overseas businesses would contribute further to enhancing corporate value. Accordingly, it entered into an agreement in June 2023 to transfer all equity interests in both companies. The transfer of Allergy Research Group, LLC was completed on 30 June 2023, and the transfer of Country Life, LLC was completed on 31 July 2023. As a result, a loss of ¥5,536 million related to the transfer of equity interests was recognized under “Other expenses” in the condensed quarterly consolidated statement of profit or loss.」
All equity interests in Allergy Research Group, LLC and Country Life, LLC were transferred and the companies were removed from the scope of consolidation. The loss related to the transfers was ¥5,536 million, reflecting a finalized amount compared with the estimate disclosed previously. - FY2024-Q1AdvancedAnnual report
「Through Country Life, LLC and Allergy Research Group, LLC, subsidiaries of KI NutriCare, Inc., which belongs to the “Overseas Food Manufacturing and Sales” segment, the Company had manufactured and sold dietary supplements, health foods, and other products in the United States. In light of recent changes in the business environment, the Company determined that concentrating and selectively allocating management resources in its overseas businesses would contribute further to enhancing corporate value. Accordingly, it entered into an agreement in June 2023 to transfer all equity interests in both companies. The transfer of Allergy Research Group, LLC was completed on 30 June 2023, and the transfer of Country Life, LLC was completed on 31 July 2023. As a result, a loss of ¥3,381 million related to the transfer of equity interests was recognized under “Other expenses” in the condensed quarterly consolidated statement of profit or loss.」
As part of the selective allocation and concentration of management resources in the overseas health food business, the transfer of Allergy Research Group, LLC was completed on 30 June 2023 and that of Country Life, LLC on 31 July 2023. A loss of ¥3,381 million related to the transfers was recognized. - FY2023First statedAnnual report
「In light of recent changes in the business environment, we determined that concentrating and selectively allocating management resources in our overseas businesses would contribute further to enhancing corporate value, and decided to proceed with this transfer of equity interests.」
KI NutriCare, Inc. entered into an agreement to transfer all equity interests in Country Life, LLC and Allergy Research Group, LLC. The transfer consideration was $63 million (approximately ¥8.5 billion), and a loss of approximately ¥4.8 billion was expected to be recognized in the following consolidated fiscal year.