Nippon Meat Forays Into JV Bluefin Tuna Farming ff

Nippon Meat Packers Inc., a major meat processor, has yesterday –Monday- set up a joint venture in Uwajima, Ehime Prefecture with a seafood processing firm and other local partners to cultivate bluefin tuna as a first step toward entering the farming business for the top-quality tuna, it was learned Saturday. From the end of 2009, the new firm will start supplying the fish to domestic sushi restaurants and supermarkets, targeting sales of 1 billion yen (US$9.3 million) in fiscal 2010.

* While MARUHA NICHIRO HOLDINGS INC. (TSE:1334) and other marine food processors have started raising tuna, it is rare for a meat processor to enter the business.

* A shortage of marine resources around the globe has prompted Nippon Meat to move to secure its own supply source.