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President of Maruha-Nichiro Says, “We Are Close to A Complete Takeoff”
President’s Speech on the First Year Anniversary Since the Merger

October 2, 2008

Maruha-Nichiro just celebrated the first year anniversary of the merger, which took place on October 1, 2007. With the establishment of Maruha-Nichiro Holdings and start of individual business companies in mind, Yuji Igarashi, the President of Maruha-Nichiro, announced through the company broadcast, “Amalgamation of businesses, consolidation of functions, integration of personnel, as well as realization of the merger effect are no small undertaking. I ask for your continuous effort, though it may take just a little longer before we reach our complete takeoff.”

Exhibiting Integral Effect With “Seafood”; “Food” Will Come After

President Igarashi spoke about the promotion of the “Double Wave 21”, the three-year midterm business plan starting this year, referring to Darwin’s theory of evolution, “Survivor in this world isn’t the fittest, but the most flexible. We aim to be a value creating company which consistently offers the world of innovative food.”

As for realization of the merger effect, Igarashi said he has seen some solid results so far at this phase. “The segment of seafood business centering around Maruha-Nichiro Seafoods has been growing to be a group of companies with overwhelming presence in the domestic seafood industry due to intensification of overseas production, such as North America and increases in transaction volume of each fish spices, “ emphasized the President.

He mentioned the food segment: “We are still going through a pang of childbirth. Production, development, sales, as well as distribution are far from reaching the complete stage of effectiveness. Therefore, we plan to accelerate further the speed of reformation.”

Slight Slump in Q2; “We Need To Be Resilient Against Changing Circumstances”

With respect to this fiscal term’s business trends, raising employees’ morale, President Igarashi addressed the issue: “Compared to the strong first quarter, unfortunately the second quarter performed rather poorly. We all understand the business has been struggling in the adverse circumstances; and yet, the 21st century’s excellent company will resiliently cope with the difficult conditions.”

He remarked on compliance: “About 200 group companies with 24,000 employees are working with a crown of Maruha-Nichiro. Reckless action of an individual will bring negative consequences to the entire group.”

Original article was published on October 2, 2008, translated by Kiyo Hayasaka.

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