We ar e B r i ngi ng F l a v o r t o L i f e ™

b y al w ays chal l e n g i n g t o i n n o v a t e
The Mizkan Group began in 1804 when Matazaemon Nakano I started making vinegar using sake lees,
a by-product of sake brewing.
For over 220 years, Mizkan has taken on challenges and made innovations.
From our beginnings in Japan, we have grown to operate across Asia, North America, and Europe.

Br in g in g F la v o r t o L if e ™
Our Group Vision Slogan, Bringing Flavor to Life ™,
conveys what we wish to achieve in relation to food,society, and the environment. On a deeper level, it
expresses our serious responsibility and commitment
to delivering food. We are mindful that all of us needfood to live and thrive. We will keep challenging toinnovate as we work to realize our vision.

Yuko Nakano
President
Mizkan Holdings Co., Ltd.

Re a liz in g o u r v is io n

We have Two Principles that guide our actions:
1. Oﬀer customers only the ﬁnest products
2. Continuously challenge the status quo

In a volatile business environment, treating the future
as an extension of the present is no longer feasible.
Our approach is to work backward from where wewould like to be to determine what to do now. Basedon this, we created our 10-year vision in 2018. Then,
we developed our current mid-term plan to take us
toward this vision.

The ﬁrst principle encourages us to connect withcustomers to serve them better. This applies to
consumers and all our other stakeholders.
The second principle means we will never stop
learning and challenging ourselves to do better.
The Two Principles form the unchanging core of
our philosophy. We will pass them on to the next
generation, just as the previous generation did beforeus.

The Vision Statement is our pledge to act for thewell-being of the earth, society, and all that dwell on
it, and unify taste experience and healthy choices.
That is why we are sharing what we do to make sureboth our people and company realize the growth to
make this possible. To reach this major goal, we needto think and act together with all shareholders whoshare our values. This includes consumers, customers,
business partners, and our people.

The eighth owner built upon the Two Principles anddeﬁned Mizkan s corporate aim as performance
improvement through continuous quality improvement.
Quality improvement is about improving the quality ofour products, management resources, and management
functions for all our stakeholders, in Mizkan style.
Performance improvement is about working towardsustainable growth with our stakeholders.

We remain mindful of the responsibility we have tocontribute to a sustainable society through ourbusiness activities. We will do our best to makesure as many people as possible identify with ourvalues, and work together with you to create thevalue of the future.

The unchanging Two Principles

Corporate Philosophy
Two Principles
Mizkan has Two Principles we always observe.

1. Offer Customers Only the Finest ProductsThis principle captures Mizkan s commitment to quality improvement,
which makes consumers and customers our top priority.

2. Continuously Challenge the Status Quo
This principle expresses Mizkan s commitment to keep innovating.

performance improvement
through continuous
quality improvement

As a company, we do not simply seek to improve our performance. Putting the Two Principles at the heart of what
we do, we aim to achieve performance improvement through continuous quality improvement. We uphold tradition,
but never stop striving for better. We will keep growing by continuing to innovate and challenge ourselves.

Group Vision Slogan
The Group Vision Slogan embodies the value we offer customers.

Bringing Flavor to Life TM

The Mizkan Group takes great pride in making food that nourishes people.
At the same time, we recognize the immense responsibility this brings.
Bringing Flavor to Life™ reflects these commitments.

Vision Statement
We are in the midst of dramatic environmental changes. In several decades, many parts of the world may face foodshortages and malnutrition as a result of extreme climate change and population growth. When we think about Mizkan
in 10 years time, we would like our business activities to contribute to a healthy environment, society, and food habits.
That is why we created the Vision Statement.
Our aspiration is to contribute to the environment, create a new future of food, and deliver foods that unify taste
experience and healthy choices for people around the world. In 100 years time, we hope to remain an innovative
company that challenges itself. A company that is always Bringing Flavor to Life ™.

1. Environment : Act for the well-being of theearth, society, and all that dwell on it

Respect nature, learn from it, and nurture all life it
fosters.

2. Social : Evoke social changes through newtaste experiences

Orchestrate communication with the world throughunified taste experience and healthy choices.

3. Governance : Establish the governance of the
futureStrengthen Mizkan Corporate Governance (MCG) tobring the world together, implement with local style,and make the world taste delicious.

Corporate Symbol
Tradition and innovation is embodied in our Corporate Symbol. In
2004, we changed the Mizkan logo from Japanese katakana
characters to make it more approachable and familiar to people aroundthe world. The use of the English alphabet represents our resolve tokeep innovating and challenging ourselves in an ever-changing
environment. We also changed the English spelling from Mitsukan tomizkan. Using z made it a shorter, more memorable, and moreinnovative company logo. The Corporate Mark, together with the green
font, symbolizes the proud heritage and inherent strength of the Mizkan
brand. Taken as a whole, the Corporate Symbol expresses how weembrace our 220-year heritage as we confidently forge a path towards
the future.

Initiatives in Japan + Asia

Initiatives in North America

From our establishment in 1804 to the present day, we havebeen working on oﬀering foods and recipes that unify taste
experiences and healthy choices. In the 19th century, we madesake-lees vinegar that complemented haya-zushi or fastsushi, which was becoming popular in Tokyo at the time.
Ajipon ™ helped popularize mizutaki, a regional hot-pot dish.
We are known for vinegar, a seasoning that is often associatedwith good health in Japan. We have introduced drinking vinegar
as a new way to enjoy vinegar. Our expertise in microbe
fermentation and brewing has been applied not just to vinegar,
but also to diﬀerentiate our natto (fermented soybeans).
Mizkan s delicious foods and recipes add value for our
food-service customers as well.
Our key bases in Asia are Beijing, Hong Kong, Taipei, andSingapore. We oﬀer foods and recipes for Japanese households
and restaurants in these locations. Our core foods are vinegar,
tsuyu (soup stock), and sauces.
Japanese foods that use rice, such as sushi and onigiri, arebecoming popular. Mizkan helps deliver a delicious taste
experience in Asia by leveraging our technological expertise andcustomer-focused proposals.

In 1981, Mizkan acquired the major vinegar manufacturer,
American Industries Company, and successfully entered the
US market. After acquiring competitive food brands in North
America, we also entered the pasta-sauce market in 2014.
We have two main business areas: pasta sauce and vinegar.
RAGÚ™ and Bertolli™ pasta sauce brands are our biggest
sellers. Both are deeply rooted in US food culture, and arehousehold names.
Our other retail brands include America s number one brand of
cooking wine, Holland House™, and Nakano™ rice vinegar.
In order to meet consumer demand for authentic ﬂavors andreal ingredients for home cooking, we strive to deliver foods
that unify taste experience and healthy choices.

Initiatives in ZENB

Initiatives in Europe
In 2002, Mizkan entered the European market in full scale. We
soon started supplying locally-produced vinegar. Now wedevelop and propose products that suit the European market
environment, just as we do in Japan and North America.
Our retail brands are at the heart of our business. They include
Sarson's ™ malt vinegar, Haywards ™ pickled vegetables, andBranston ™ sweet pickle.
All are long-standing family favorites in the UK, especiallySarson's ™ and Branston ™.
In addition to our brand business, we also have a thriving
Japanese food business. We are working on expanding oursales channels as the market for Japanese food grows, andthe number of Japanese restaurants increase.

ZENB ™ was launched in 2019 as a direct-to-consumer brand,with businesses in Japan, the US, and the UK.
Based on the concept of using the whole vegetable, including
parts which are usually discarded, ZENB ™ is focused onchanging the way we think about food and helping to place foodthat is both healthy and delicious at the center of our everyday
lives. We are developing a wide range of products that cancontribute to more sustainable food production and humanhealth while bringing out the natural taste of ingredients andrevealing new ﬂavors that open up new possibilities for enjoying
food.
Our range includes ZENB ™ NOODLE (ZENB ™ Pasta in the US
and UK) and ZENB ™ CHIPS, both made from yellow peas,
including the skin, and packed with protein and dietary ﬁber;
along with ZENB ™ PASTE and ZENB ™ CURRY, made using
whole vegetables, including the skin and core.

History of the Mizkan GroupOur 220-Year History of Innovation and Challenges
1804

1811

Mizkan is FoundedMatazaemon Nakano I establishes a
successful business by making vinegar outof sake lees, a by-product of sake brewing.
This is a courageous challenge becausesake brewers avoided vinegar for fear of contamination.

1990

1997

Mizkan Enters the Natto Business

1999

Mizkan Center for Water Culture TM is Established

Opens First Vinegar Brewery

Fermented vinegar is produced on a large scale. It islater known as the Handa Factory.

Around1845

Yamabuki TM Launches

1887

The Mizkan Mark becomesa Registered Trademark

The premium sake lees vinegar Yamabuki ™ is
launched. It uses sake lees matured for three years,
and becomes known for complementing sushi.
2000

1954

Opens the Nakano Biochemical Research Institute

2003

2004

Mizkan secures funding to set up a
new vinegar bottling line to ensure thefuture of Mizkan product quality.
1964

1968

1971

1978

Natural Food Campaign

A natural food campaign is rolled out toemphasize Mizkan s key point of diﬀerence
versus competitors of the time: our commitment
to quality and natural brewing. The campaign
slogan was Only Mizkan vinegar is 100%
brewed (i.e. not synthetic vinegar).

1981

1982

1986

1988

2012

2013

2014

Tsuyu Launches

Mizkan enters the tsuyu (soup-stock) category, which is a
big market in Japan. Tsuyu is launched as a premium
product with the key selling point that it has a highconcentration of bonito stock. It is later rebranded as
Oigatsuo™ Tsuyu and becomes a big hit with consumers.

Corporate Reorganization and Name Change

Mizkan expands the US business with the acquisition of
popular pasta sauce brand RAGÚ ™ and the leading
premium pasta sauce brand, Bertolli ™.
2015

Opens the MIZKAN MUSEUM TM（MIM TM）
MIM ™ opens its doors in November 2015. MIM ™ is an interactive
museum where visitors learn about the art and history of vinegar
brewing and Japanese food culture in a fun and engaging way.

With the acquisition of American Industries Company, overseas
expansion starts in earnest. Further US acquisitions follow.

Opens Su-no-Sato Vinegar Museum

Acquires UK Brands Sarson s TM,
Haywards TM（2012）and Branston TM（2013）

Acquires Two US Top-Selling Pasta Sauce
Brands: RAGÚ TM and Bertolli TM

Acquires Major American Vinegar Manufacturer

The museum introduced visitors to the spirit
and techniques handed down by generations ofvinegar-making craftsmen, all in an atmospherereminiscent of the early days of Mizkan.
In November 2015, Su-no-Sato Vinegar
Museum was reborn as the MIZKAN MUSEUM ™.

Kinnotsubu TM Pakittotare TM Launches

To reinforce Mizkan s future global growth, the company isreorganized into three geographic areas: Japan + Asia, North America,
and Europe. Company names are also changed to English.

Central Research Institute Receives the JSBBA Award
for Achievement in Technological Research

Omusubiyama TM Launches to Success

New Mizkan Group Vision andCorporate Symbol are EstablishedWith this, three brands which have long been popular in
the UK have joined the Mizkan Group.

The Beyond Vinegar Strategy launches, initially called the
Non-Vinegar Strategy. This aims to increase vinegar sales intandem with more aggressive development of non-vinegar
products.

Making rice balls becomes easierwith Omusubiyama ™, which issimply mixed into cooked rice. Thisis a completely new category for
Mizkan, outside of the core
categories of vinegar and Ajipon ™.

Jun Genmai Kurozu Launches as a New Vinegar

This new natto product features an innovative lid that releases
the sauce (tare) when snapped open (paki). The lid adds anelement of fun as well as convenience for consumers.

Going Beyond Vinegar

This award recognizes Mizkan s signiﬁcant achievements inimproving the productivity and quality of brewed vinegar, thetechnical foundations for Mizkan s current vinegar business.
(The Mizkan Group receives the award again in 2007 and 2013.)

Kinnotsubu TM NiowanattoTM andKinnotsubu TM HonegenkiTM Launch

The new Mizkan Group Vision (Bringing Flavor to Life ™) is unveiled intandem with a new corporate symbol (the Mizkan mark of threehorizontal lines above a circle, followed by mizkan ). The new symbol
represents Mizkan s resolve to continuously innovate and challenge
itself while embracing its heritage.

Ajipon TM Launches

Ajipon ™ (citrus-seasoned soy sauce) enables
consumers to make and enjoy restaurantquality food at home. To drive sales, Mizkan
carries out recipe tasting and sells the new
product from market stalls promoting mizutaki hotpot, then a little-known dish in the Kanto area.

The Mizkan Center for Water Culture ™ opens and begins initiatives
to raise public awareness about the importance of water, deﬁning
water culture as the integral and life-long relationship people
have with water.

Made exclusively from Japanese brown rice,
this mellow black vinegar is suitable for drinking.

It focuses on research and development for manufacturing
vinegar. It is later known as the Central Research Institute.

Full-scale Production of Bottled
Vinegar Begins

In an eﬀort to further diversify its portfolio of healthy, delicious foods,
Mizkan begins full-scale production of natto (fermented soybeans).

Using specially selected beneﬁcial bacteria,
Mizkan develops a new range of nattooﬀerings with added value for consumers.

The widely recognized Mizkan mark,designed by Matazaemon IV, is basedon the Nakano family crest.
1942

Gomoku Chirashi Launches

Instant chirashi sushi mix for at-home sushi making
is launched. The convenience it oﬀers home cooksmeans it quickly becomes a bestseller.

2018

Publishes the Mizkan Vision Statement
and ZENB TM Initiative Begins

The Mizkan Vision Statement is Mizkan s
promise for the future 10 years from now,and the ZENB ™ Initiative begins to help
realize it.
2019

ZENB TM Brand Launches

The ZENB ™ brand launches as a result of
the ZENB ™ Initiative.
2023

Establishes MIZKAN MIRAI LABO（MILABO）

The MILABO pilot plant serves as abase to test and verify production
before implementation at other plants.

Company Profile
Group
Number of employees: 3,700 (As of April 1, 2023)
Sales: 270 billion yen in FY 2022 (ending February 2023),

Company Name:
Chairman and Group CEO: Miwa Nakano
Foundation: 1804
Headquarters: 2-6 Nakamura-cho,Handa City, Aichi Pref.
475-8585, Japan
Capital Fund: 10 million yen
Business Operations: Business administration,
strategy development, andresearch and development for
the Mizkan Group.

with 58.8% from outside of Japan.
Headquarters: 2-6 Nakamura-cho, Handa City, Aichi Pref. 475-8585, JapanTokyo Head Office: Kayaba-cho Nakano Building, 1-22-15 Shinkawa,
Chuo City, Tokyo 104-0033, Japan
Offices in Japan: 8 Branch Offices (Hokkaido, Tohoku, Kanto, Tokyo, Nagoya,
Osaka, Chugoku/Shikoku, Kyushu), 11 Sales Offices(Kita-Tohoku, Nagano, Shizuoka, Kagoshima, Niigata,Kanazawa, Okayama, Takamatsu, Koriyama, Matsuyama,
Okinawa)
Production Sites in Japan: 5 shelf-stable sites (Tochigi, Tatebayashi, Minokamo, Osaka,Miki), 3 chilled sites (Tatebayashi, Minokamo, Miki)
Global Offices: London, Chicago, Singapore, Taipei, Hong Kong, Beijing
Global Production Sites: 12 sites in the US, 2 sites in the UK

Mizkan Group
Headquarters

Overview

Financial Management

Financial Management

Business

Internal Aﬀairs

Business

Financial Management

Internal Aﬀairs

Business

Internal Aﬀairs

CSR Activities
We have developed a keen appreciation of the natural world through our experience with fermentation and brewing. For the future of this planet,
Mizkan promises to act for the well-being of the earth, society, and all that dwell on it.

Mizkan Center for
Water CultureTM

MIZKAN MUSEUMTM（MIMTM）

Water has played a vital role in ourbusiness from the very beginning. The
Mizkan Center for Water Culture™
works to enrich people s lives by
exploring our relationship with water.

MIM TM is an interactive museum where you
can learn about Mizkan s history as avinegar manufacturer, and about the charmof Japanese food.
MIM™ opened its doors in November 2015.

https://www.mizkan.co.jp/mim/en/

https://www.mizu.gr.jp/

Mizkan Group Websites● Japan Business Website● Global Website

https://www.mizkan.co.jp/

https://www.mizkanholdings.com/en/

Access product information, recipes featuring our products,
company and campaign information, food service productinformation, etc. Only available in Japanese.

Access the Mizkan Group's Vision
Statement, the Group CEO's Message, Group
Corporate Philosophy and Vision, Company
Proﬁle, History, Global Structure, andCorporate Governance.

2023.07