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Business deals

Japan's Morinaga buys Tofurky maker and Vietnam baby milk importer

Plant-based foods and infant formula to help power overseas push

Tofurky is the No. 3 retail brand for plant-based meats in the U.S. (Photo courtesy of Turtle Island Foods Holdings)

TOKYO -- Japanese dairy company Morinaga Milk Industry announced Friday a pair of acquisitions abroad, including of the American company behind Tofurky soy-based foods.

Morinaga said it would purchase Tofurky maker Turtle Island Foods Holdings through a U.S. unit for $12.4 million and turn it into a wholly owned subsidiary. Turtle Island logged sales of approximately $42 million for 2021. The American unit said Morinaga supplies tofu to Tofurky, the third-largest retail brand for plant-based meats in the U.S.

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