ITOKI Signs Joint Venture Agreement with Modernform Thai to Reinforce Sales in the ASEAN Region and Accelerate Global Development
ITOKI Corporation (HQ: Osaka, President: Hirai Yoshiro, hereinafter “ITOKI”) and Modernform Group Public Company Limited (hereinafter “Modernform”), which is the leading furniture company in Thailand, have reached a mutually beneficial agreement to jointly establish ITOKI MODERNFORM CO., LTD.
Originally, ITOKI used ITOKI (Thailand) Co., Ltd.※1 (established in 2007) to primarily target Japanese companies in Thailand and neighboring countries. In order to also develop local markets in Thailand and the Mekong River region, ITOKI entered into a business alliance with Modernform in March 2014.
ITOKI MODERNFORM CO., LTD. is positioned to deepen the business alliance by cross-selling the products of both companies, co-producing Joyten products in Thailand, and accelerating business in Thailand and the Mekong River area (Myanmar, Laos, Cambodia, and Vietnam). Due to the establishment of AEC※2, there is a market of 600 million people for us to approach and develop in our aim to make a difference.
*1 ITOKI (Thailand) Co., Ltd. is in the process of liquidation. From now on, all business targeting Japanese firms in the area will also be handled by ITOKI MODERNFORM CO., LTD.
*2 The ASEAN Economic Community is scheduled to be launched at the end of 2015.
(ITOKI CORPORATION: Modernform: Japanese Investment Banks)
ITOKI (Thailand) Co., Ltd. is scheduled to start liquidation this year.
Modernform Group Public Company Limited Information
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* The information contained herein is valid as of the date of release and is subject to change without notice.