Japanese trading giant C Itoh & Co – annual turnover in excess of $100,000m – is taking a 20% stake in Race Group Plc, the privately-held Welsh subassembler, for an undisclosed sum: the move underlines the need of Japanese companies manufacturing in Europe to have reliable local subcontractors and component suppliers – such companies from Japan are beginning to follow their major customers into Europe as the quality from local firms is found deficient; Race, with 1,400 employees and looking to do at least UKP4.5m pre-tax on sales of between UKP70m and UKP80m this year, is expected to go public this year.
