Hoshizaki Signs an Agreement to Acquire Shares of a Vietnamese Refrigeration and Food Equipment Manufacturer

Establishment of the first Southeast Asian manufacturing base to strengthen product supply capacity in the region

HOSHIZAKI CORPORATION (Head office: Toyoake City, Aichi; President & CEO: Yasuhiro Kobayashi; hereafter “Hoshizaki”) today signed an agreement to acquire 51% of shares in ASIA REFRIGERATION INDUSTRY JOINT STOCK COMPANY (hereafter "ARICO", Head office: Ho Chi Minh City, Socialist Republic of Vietnam (Vietnam)), an industrial refrigeration and food equipment manufacturer and sales company in Vietnam.
The acquisition of shares is scheduled to be completed by the end of February 2025 through consolidated subsidiaries of Hoshizaki, namely HOSHIZAKI SOUTHEAST ASIA HOLDINGS PTE. LTD. (hereafter “Hoshizaki Southeast Asia”), the regional headquarters in Southeast Asia (Head office: Singapore), and HOSHIZAKI VIETNAM CORPORATION (Head office: Ho Chi Minh City, Vietnam). After the acquisition of shares, ARICO will become a consolidated subsidiary of Hoshizaki.

ARICO: Providing Cold Chain Equipment to a Wide Range of Industries

ARICO is a subsidiary of SEAREFICO CORPORATION (Hereafter, “SEAREFICO”), a major air conditioning and electrical construction service company in Vietnam (Head office: Ho Chi Minh City, Vietnam). ARICO was established in 2007 through inheriting SEAREFICO's industrial refrigeration business. It provides solutions, including cold chain industrial refrigeration systems, to a wide range of industries such as logistics, pharmaceutical, food and beverage, and food processing.

Hoshizaki: Set Up Southeast Asia's First Production Base to Improve Customer Satisfaction

Hoshizaki is promoting production in locations near markets in order to speed up supply, reduce logistics costs, and mitigate geopolitical risks. Aiming to increase sales and market share overseas, which will be the core of further growth in the future, Hoshizaki is working to expand its business area in Southeast Asia, where growth is expected. However, establishing a production base in Southeast Asia has been an issue.

After making ARICO a consolidated subsidiary, Hoshizaki will invest in ARICO and plans to start production of Hoshizaki-brand commercial refrigerators at ARICO's existing factory in Ho Chi Minh City in the first half of 2026. This will be Hoshizaki's first production base in Southeast Asia.
By combining ARICO's market knowledge and cold chain equipment manufacturing technology with Hoshizaki's commercial refrigerator development and production technology, Hoshizaki will be able to provide high-quality products, shorten delivery times, enhance custom-made machine response, and reduce transportation costs. Hoshizaki will strengthen its product supply capacity in the region, leading to further improvement in customer satisfaction. Shipments of products from ARICO will begin in Vietnam, and then expand across Southeast Asia.

With this acquisition, Hoshizaki will strengthen its manufacturing base in Southeast Asia and aim to further expand its business.

Reference: About Hoshizaki's business in Southeast Asia

Hoshizaki has sales subsidiaries in six countries: Singapore, Indonesia, Thailand, Malaysia, Vietnam, and the Philippines. In July 2023, it established Hoshizaki Southeast Asia as the regional headquarters for the six local subsidiaries to maximize synergies within the region. In the same month, it established a Southeast Asia Service Center in Thailand to strengthen its service structure in the region, and the company is providing training for Hoshizaki engineers, and service staff at distributors and repair contractors in the region.
In May 2024, in order to expand sales channels in the Philippines, Hoshizaki made two food service equipment importers and distributors, TECHNOLUX EQUIPMENT AND SUPPLY CORPORATION (Head office: Manila, Philippines) and HKR EQUIPMENT CORPORATION (Head office: Manila, Philippines), its consolidated subsidiaries.