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About Dole Packaged Foods, LLC

Trading behemoth ITOCHU Corporation does it all. ITOCHU is a leading Japanese sogo shosha (general trading company), along with Mitsui & Co. and Mitsubishi, and has business interests in such diverse areas as aerospace, equipment manufacturing, food distribution, and clothing production. It also has interests and operations in chemicals, energy and mining, financial services, and retailing. The conglomerate has approximately 100 offices in more than 60 countries and operates through some 300 subsidiaries and affiliated companies around the world.

Operations

ITOCHU operates through eight business segments: Food, Energy & Chemical, Metal & Minerals, ICT & Financial Business, General Products & Realty, Machinery, Textile, and its newly added segment, the 8th Company.

ITOCHU's Food businesses (around 35% of sales) has three divisions — Provisions, Fresh Food, and Food Products Marketing & Distribution.

The Energy & Chemicals division (some 15% of total sales) handles trading of general energy-related products like crude oil, natural gas, and electricity. It is also engaged in oil and natural gas exploration and production, and asset development projects.

Metals & Minerals (another 15%), handles large-scale iron ore and aluminum projects, develops base metals and trades in iron ore and non-ferrous metal products.

ITOCHU lends money or provides insurance through its ICT and Financial Business division, which accounts for more than 10% of total sales.

Products like tires, timber and other everyday products are sold under General products segment, while Realty develops housing at home and handles its distribution business. Together they account for more than 10% of sales.

Perhaps the company's most diverse segment is its Machinery segment (nearly 10%) that supplies products to large industrial plants, marine and aerospace projects, and serves the auto and construction industry as well.

Textile (approximately 5%) consists of two brand and two apparel divisions.

Its newly added segment, The 8th Company collaborates with the seven existing business companies to fully leverage various business platforms, particularly in the consumer sector.

Geographic Reach

Based in Tokyo, Japan, ITOCHU has operations in Japan (more than three-fourths of sales), US and Singapore (about 5% each), China, UK, and others account more than 10% combined.

Sales and Marketing

The company sells its products through retailers, wholesalers and distributors.

Financial Performance

In the last five years, revenue at ITOCHU has gone up from JPY 5.6 trillion to JPY 11.6 trillion. In the same time, profits have surged from JPY 258.8 billion to JPY 400.3 billion.

Revenue increased 53% in 2019 (ended March 31) to JPY 11.6 trillion, mostly due to the increase on revenue in every regions they operate primarily domestic operations.

Net income increased 20% in 2019 to JPY 500.5 billion due to the increase on their revenue by more than 50%.

Cash held by the company at the end of 2019 increased by JPY 139.9 billion to JPY 572.0 billion compared to JPY 432.1 billion in the prior year. Cash provided by operations and investing income were JPY 476.6 billion and JPY 201.1 billion, respectively. Cash used for financing activities was JPY 538.3 billion.

Strategy

With strategic importance of business investment increasing, the company has developed and is steadily implementing asset strategies comprising investment in areas of strengths, risk management, and the pursuit of asset difficulty.

ITOCHU's fundamental principle is to invest in areas where they have strengths, such as the non-resource sector, centered on consumer-related businesses, and in China and other parts of Asia. On the basis, the company is working to further reinforce their competitive edge.

Company Background

ITOCHU had a humble beginning when an 18-year-old Chubei Itoh opened a small wholesale linen business in 1858, named after himself. The company grew as Japan started opening to foreign trade in the decade of 1860. By 1880, C. Itoh & Co was one of Osaka's largest textile wholesalers, and even managed to establish a trade office in San Francisco in 1889. 

In the next three decades, the company spread its trading offices from New York to Calcutta and Manila. Although it was not one of the zaibatsu (industrial groups) that flourished in Japan during the period between the world wars, the company benefited from the increasing trade volumes. 

Since then, its presence in Japan has been legendary— the company supplied UN troops with provisions during the Korean War, with profits used to diversify into petroleum, machinery, aircraft, and automobiles.

After the oil crisis of 1973 demonstrated Japan's vulnerability to oil import disruptions, C. Itoh actively participated in the development of petroleum production technology. To prevent the failure of Japan's 10th-largest trading company, Ataka, the Japanese government arranged a merger in 1977, making C. Itoh the third-largest sogo shosha.

C. Itoh changed its name to ITOCHU, a transliteration of its Japanese name, in 1992. 

Dole Packaged Foods, LLC

3059 Townsgate Rd Ste 400
Westlake Village, CA 91361-3190
Phone: 1 (805) 601-5500

Firm Stats

Employer Type: Privately Owned
Vice President: Robert Barnhouse
VICE PRESIDENT AND GENERAL MANAGER: Bob Barnhouse
Vice President: Hany Farag
Employees (This Location): 550
Employees (All Locations): 800

Major Office Locations

Westlake Village, CA

Other Locations

Sanger, CA
Decatur, MI