Calbee Inc. says it will establish a joint venture in Taiwan to produce and sell snacks.
The snack food maker will set up the joint venture with major Taiwanese beverage firm Wei Chuan Foods Corp., a unit of Tingyi (Cayman Islands) Holdings Corp., one of China’s top food makers.
The joint venture, Calbee (Taipei) Foods Co., will have capital of 250 million New Taiwan dollars (about ¥660 million) and will be owned 51 percent by Calbee and 49 percent by Wei Chuan. It is set to start operations in December.
The company will produce Calbee’s popular Jagabee snacks and sell them via Wei Chuan’s distribution networks.
The joint venture aims to achieve ¥2 billion in annual sales and grab 10 percent of the Taiwanese snack food market within five years, Calbee said.