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Okamura sets up office furniture JV production in Indonesia

Monday 27 April 2015

Okamura Corporation, a Japanese furniture company, has joined hands with local Indonesial furniture maker Chitose Internasional in establishing a joint venture as the first step to set up a production base in Indonesia.
Okamura Chitose Indonesia will market high-end furniture pieces and develop displays for retailers, catering to the demands of the country’s upper middle class, according to Okamura Corporation president director Masayuki Nakamura.
With an initial investment of Rp 60 billion ($4.6 million), Okamura Corporation holds 33 percent of the joint venture and Chitose Internasional the remaining shares.
“We hope to establish a marketing system for office furniture and shopping display [with the joint venture], because Indonesia is a very promising and big market,”Nakamura said, during a public presentation in Jakarta on Monday.
He added that Okamura Corporation is also looking to establish a production unit in Indonesia as its next step, but he declined to elaborate.
“This is a historic moment for Chitose as we’re able to collaborate with Okamura Corporation, which is one of the world’s biggest companies in the furniture industry,” said Chitose International vice president Timotius J. Paulus.
Established in 1945, Okamura Corporation’s sales reached 211.4 billion Japanese Yen ($1.8 billion) last year, up 8.5 percent from 195 billion Japanese yen in the year before, according to data from Bloomberg. The company has 10 affiliated companies outside of Japan, including those in China, Thailand, Singapore and Hong Kong.
Chitose Internasional — which went public in June 2014 — hopes to book up to Rp 30 billion in sales from the joint venture with annual growth projected at between 15 percent and 20 percent. The listed company seeks to boost sales by 10 percent to Rp 311 billion this year with the joint venture and from its factory in Cimahi, West Java.
The Rp 21 billion factory, which is scheduled to begin operations in May, will produce up to 30,000 furniture pieces annually.

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