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Kibun plans February price hike

November 1, 2007

Japan`s largest surimi maker Kibun Foods announced Wednesday it will raise prices of surimi products on Feb.1 due to soaring costs associated with mainly frozen surimi, grains and fuel costs.

With surging demand of seafood worldwide, surimi cost prices have risen 15 to 18% since early this year.

The average markup will be 10%. The company says it will reexamine specification of some products without changing prices to avoid losing customers.

The major surimi maker`s first price hike in two and half years will likely to prompt other surimi producers to follow suit.

Nissui increased prices of its surimi products up to 15% on Nov.1.

Kibun`s annual sales ending March 2007 were \66.3 billion.

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