| | AUGUST 20248IN FOCUSSATS, a global leader in gateway services and a prominent food solutions provider in Asia, announced a strategic partnership with Mitsui Co., The partnership aims to expand and enhance both companies' food and retail solutions businesses across Asia. This partnership, following a Memorandum of Understanding signed last year, marks a significant step in both companies' efforts to strengthen their food value chain footprints.Under the terms of the agreement, Mitsui will acquire a 15 percent stake in a partnership involving SATS Food Solutions India, SATS Food Solutions Thailand, SATS Tianjin, and Country Foods. The investment of approximately S$ 36.4 million is intended to fuel growth and expansion in these regions. The collaboration seeks to capitalize on SATS' expertise in food solutions and Mitsui's extensive network of distribution channels, unlocking new business opportunities and expanding market reach.Stanley Goh, CEO of SATS Food Solutions, emphasized the potential of the partnership, stating, "SATS has developed the capacity and expertise to ideate, innovate, and manufacture a wide range of high-quality, nutritious, and authentic tasting Ready-To-Eat food products through our network of kitchens in Asia. By collaborating with Mitsui, we can leverage our partner's network and distribution channels to generate demand for a wide array of food products from our food entities and expand our presence in key markets".Naoharu Asaumi, Managing Officer, Chief Operating Officer of Retail Business Unit at Mitsui, added, "Mitsui and SATS aim to provide food solutions to a growing market and contribute to enriching the quality of life for the communities in Asia. Combining SATS' culinary expertise, food technology, innovation, unique product development, and production capabilities in Singapore with Mitsui's global food and package procurement network, cold-chain logistics and distribution, and sales and marketing capability in each target market, we can scale this ambition".The partnership is already demonstrating tangible results, particularly in Japan, Mitsui's home market. SATS TFK, a subsidiary of SATS, is collaborating with a Mitsui Group subsidiary specializing in food services to supply food components. Through Mitsui's extensive customer network, SATS TFK has begun supplying food components to prominent retail channels such as St. Coursair, Kinokuniya, and JR East.In addition, plans are underway to introduce frozen meals to Muji Japan, with a targeted launch in the first quarter of 2025. These initiatives span various segments of the food industry, from institutional catering to retail, showcasing the partnership's potential to create value and drive growth across diverse markets.Mitsui, one of the largest global trading and investment companies, boasts a diversified portfolio encompassing product sales, worldwide logistics, financing, and the development of major international infrastructure projects. The company has been building its capabilities in the food and retail business by investing in various segments of the food supply chain, from farms to food distribution. Additionally, Mitsui is a global developer and investor in infrastructure projects, including renewable energy and logistic infrastructure.The collaboration between SATS and Mitsui is expected to foster innovation in product development, enhance demand generation, and optimize asset utilization rates, ultimately driving growth and expansion in the food solutions business across Asia. This strategic partnership underscores the companies' commitment to providing high-quality food solutions and enriching the quality of life for communities in the region. SATS PARTNERS WITH MITSUI TO ENHANCE FOOD SOLUTIONS BUSINESS
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