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Ajinomoto Group, a leading Japanese food giant, said today that it has signed a share purchase agreement to acquire 33.33 per cent of Promasidor Holdings, a Johannesburg-based food company, for $532 million (55.8 billion yen).
    
The acquisition will enable Ajinomoto to become a leading player in the African food market, which is expected to grow rapidly due to strong population growth and the expansion of the middle-class consumer segment, the Japanese company said in a statement.

“By combining Ajinomoto Co.’s extensive product development capabilities and production technologies with Promasidor’s powerful sales and distribution network in Africa, Ajinomoto Co. and Promasidor seek to become a leading player in the seasonings and processed foods business in Africa and contribute to the region’s well-being,” Ajinomoto said.

Founded in 1979, Promasidor is a leading provider of diary, beverage, cereal and culinary products across Africa. The company has operations in 36 African countries – including Nigeria, Algeria, Ghana, the Democratic Republic of Congo, and Angola – with popular brands such as Cowbell, Onga, Loya Milk, Miksi, Top Tea, and Yumvita.

“Ajinomoto . . . will participate actively in Promasidor’s management and business operations through representation on its board of directors and in other ways, and Ajinomoto Co. and Promasidor will consider integrating their Nigerian subsidiaries,” the Japanese company said.

Ajinomoto Group is a global manufacturer of seasonings, processed foods, beverages, amino acids, pharmaceuticals and specialty chemicals. The company was founded in 1909 and now operates in 27 countries with net sales of $9.87 billion in 2015. Ajinomoto has operations in three African countries – Nigeria, Egypt, and Cote d’Ivoire – where it focuses on selling its popular umami seasoning, AJI-NO-MOTO.