(Tokorozawa City, Saitama Prefecture / President: Naoji Kageyama) today announced that Asue Co., Ltd. has signed an agreement with Pickles Holdings Corporation (Tokorozawa City, Saitama Prefecture / President: Naoji Kageyama) to establish a joint venture company.

■Background and Purpose
Ltd., the holding company of Pickles Corporation, which manufactures and sells pickles and side dishes, and Vegipal Corporation will be established as a joint venture for the purchase and sale of sweet potatoes and processed foods made from sweet potatoes. The joint venture company will sell sweet potatoes, dried sweet potatoes, baked sweet potatoes, and other sweet potato-based food products domestically and internationally, taking advantage of the Pickles Group’s extensive experience and knowledge in food production and sales, and our trading and intermediary functions as a multi-functional trading company.

■Outline of Joint Venture Company
 Company name Vegi Pal Co.
 Location 7-8 Higashi Sumiyoshi, Tokorozawa City, Saitama Prefecture
 Representative Mitsuhiro Saito, President and Representative Director
 Business Purchasing, processing, and sales of agricultural products
 Capital 30 million yen
 Date of establishment September 1, 2023 (scheduled)
 Shareholding Ratio Pickles Holdings Corporation 60% Asue Co., Ltd. 40%

■Outline of Pickles Holdings Corporation
Company name:Pickles Holdings Corporation
Location:7-8 Higashi Sumiyoshi, Tokorozawa-shi, Saitama
Representative:Naoshi Kageyama, President and Representative Director
Business:Management and administration of group companies, etc., whose principal business is the manufacture and sale of pickles, side dishes, etc., and business incidental or related thereto and other businesses incidental or related thereto.
Capital:100 million yen
Date of Establishment:September 1, 2022
Publicly traded:Tokyo Stock Exchange Prime Market (Securities code: 2935)
Website:Pickles Holdings Corporation/Pickles Corporation


■Inquiries regarding this matter
General Affairs Department, Administration Division