Japanese dairy Snow Brand Milk Products has closed its Snow Brand Food meat processing subsidiary after it admitted mislabelling beef last year.
Snow Brand Milk Products shares lost 40% of their value due to Snow Brand Food’s losses and falling consumer confidence in all Snow Brand products. The whole firm’s future is now in doubt. It has said it will reveal a new revival plan this month.
Snow Brand has also said that it will sell assets to raise e214 million to cover the cost of liquidating Snow Brand Foods.