Calbee, a leading Japanese producer of savoury snacks, has announced plans to invest €12 million ($13.7 million) to establish a subsidiary in Spain.
The subsidiary, opened a year after the creation of a new division in the United Kingdom, is designed to support the company’s expansion in Europe.
“In line with our global strategy, we have decided to establish a subsidiary company entering into Spain, which has high potential salty snack market in Europe”, the company said in a statement.
“Harvest Snaps, which is one of our products and successfully sold in the US salty snack market, will be sold in Spanish grocery chain such as El Corte Ingles”, Calbee added.
According to Calbee, the debut of Harvest Snaps is the first step in building its brand in the Spanish market . The launch will be followed by a strategy to expand sales channels and increase the product lineup in order to achieve 5 billion yen of annual net sales by the end of fiscal year 2021.
The consolidation of the new subsidiary is estimated to be concluded by 2016.
Source: Calbee / Financial Food