Tokyo-based Farmind Corporation is set to purchase Joy Wing Mau Asia's Japanese division, after the two companies signed a Memorandum of Understanding.

Farmind, a fruit and vegetable marketer with nationwide cold chain facilities, on Oct. 29 signed the MoU to buy importer-distributor Joy Wing Mau Asia Japan.

JWM Asia Japan, formerly known as Cape Span Japan, was founded in 1964 with the origins of Holden Shoji. The company has strong connections with producers in South Africa, North America, Latin America, and Oceania.

Its annual sales last year totaled approximately ¥6.0bn (US$55m). Citrus is one of its key categories, with the Outspan brand widely recognized in Japan.

Farmind also offers a wide variety of products, ranging from imported fruit and vegetables, including bananas, avocados, and pineapples, to a large number of domestically produced fruit and vegetables.

The companies did not disclose the value of the transaction.

Farmland, which operates 14 cold storage facilities nationwide, says it plans to expand JYM Asia Japan's portfolio of imported fruits and vegetables, diversify sourcing and strengthen the supply base.

"Based on our corporate philosophy of "Bringing producers and consumers together," we will continue to contribute to the development of domestic and overseas fruit and vegetables distribution from a variety of perspectives," Farmind said.

"We will continue to strengthen our supply system for fruit and vegetables both in Japan and overseas and improve quality through our cold chain network, and deliver fresh and delicious fruit and vegetables from producers to consumers."