Hoshizaki Corporation has signed an agreement to acquire 51% of shares in Asia Refrigeration Industry Joint Stock Company (ARICO), a Vietnamese manufacturer and seller of refrigeration and food equipment. The deal is expected to close by the end of February 2025, involving Hoshizaki's Southeast Asian subsidiaries, including its regional headquarters in Singapore and its Vietnam office in Ho Chi Minh City. This acquisition will make ARICO a consolidated subsidiary of Hoshizaki.
ARICO, founded in 2007, specializes in industrial refrigeration systems and serves industries like logistics, pharmaceuticals, and food processing. It is currently a subsidiary of Vietnam's SEAREFICO Corporation.
Hoshizaki's acquisition aims to bolster its presence in Southeast Asia by establishing its first production base in the region. The company plans to produce its commercial refrigerators at ARICO's Ho Chi Minh City facility by mid-2026. This move is part of Hoshizaki's strategy to enhance market responsiveness, reduce costs, and mitigate geopolitical risks. Combining ARICO's expertise with Hoshizaki's technology, the company aims to improve product quality, delivery times, and customer satisfaction.
The acquisition underscores Hoshizaki's commitment to expanding its market share and strengthening its supply chain capabilities across Southeast Asia.
