ANZCO Foods

ANZCO Foods or simply ANZCO (formally ANZCO Foods Ltd and previously the Asian New Zealand Meat Company Limited) is a New Zealand meat producer fully owned by the Japanese company Itoham Foods, which in turn is part of Itoham Yonekyu Holdings. In 2016, ANZCO Foods was New Zealand's fifth-largest exporter, with a turnover of NZ$1.5b, and 3,000 employees.

History

ANZCO started as a company in 1984 under the legal name Asian New Zealand Meat Company Limited[4] owned through the New Zealand Meat Producers Board by individual farmers and led by Graeme Harrison.[5] In 1989, Itoham Foods and ANZCO formed a 50–50 partnership and founded Five Star Beef, a company that operates a feedlot in Wakanui near Ashburton; this is New Zealand's largest feedlot and mainly exports to Japan.[6] In 1995, the ANZCO management team led a buy-out of the company from the Meat Producers Board, with Itoham Foods taking a 48.3% minority shareholding and another Japanese company, Nissui (Nippon Suisan Kaisha Ltd), taking a smaller shareholding.[7] Through that buy-out, the initial investment of NZ$350,000 returned over NZ$40m to the original owners.[5] ANZCO Foods started operating under the new ownership arrangement on 17 August 1995.[8]

In 2015, founder Harrison announced that he intended to retire in the near future. This was accompanied by a restructure in shareholding. With approval from the Overseas Investment Office (OIO),[5] Itoham Foods increased its shareholding from 48.3% to 65% and paid just over NZ$40m for these transactions. The seven smallest shareholders were all offered to sell. Harrison himself sold down from just over 20% to 14%. Nissui sold part of its stake at this point (which made up just over 50% of the share transfer) with the balance coming from New Zealand shareholders.[9][10]

In late 2017, Itoham Foods received OIO approval to become to sole owner by obtaining the remaining 35% shareholding. Nissui held 16.8% at that point, and Harrison and other managers held 18.2%. Itoham Foods is a subsidiary to Itoham Yonekyu Holdings. Itoham is publicly listed and 39% owned by the Mitsubishi Corporation. Harrison retired from the company after the March 2018 annual general meeting; he had been at the helm of the company for 34 years, first as managing director and then as chairperson.[11][12]

Governance

Chairperson:[13][14]

Chief executives:[7][14]

• Eddie Tonks (?–2004)[15]
• Graeme Harrison (2004–2018)
• Kazuhiko (Sam) Misonou (2018–present)

• Graeme Harrison (1984–2004)[16]
• Mark Clarkson
• Peter Conley (2017–present)

Land holdings

ANZCO Foods holds land in ten locations in New Zealand.[17]