Snow Brand Milk Products Co. said Friday it will sell 18.34 million shares in its wholesale subsidiary, Yukijirusi Access Inc., to six companies including Itochu Corp. at the end of the month for some 13.7 billion yen.
The deal will reduce Snow Brand's ownership in the subsidiary to 51.7 percent from 86.7 percent, it said.
Some 12.7 billion yen of extraordinary profits from the deal will be declared in Snow Brand's midterm settlement in September and be allocated as part of restructuring costs, such as retirement payments to some 1,000 voluntary retirees, it said.
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