Snow Brand Milk Products Co., the parent company of scandal-hit Snow Brand Foods Co., announced Thursday an outline of its restructuring plan that includes capital tieups with trading house Itochu Corp. and the National Federation of Agricultural Cooperative Associations (Zen-Noh).
The major dairy firm is also asking domestic and foreign-affiliated food makers, including the Japanese unit of Swiss-based food maker Nestle SA., to participate in capital alliances, company officials said.
If the company concludes its current round of negotiations, more than half of Snow Brand Milk's outstanding shares will be owned by outside companies, with the total new equity injection by the capital alliances reaching 30 billion yen, it said.
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