Sector News

Ajinomoto to take stake in African seasonings business

November 9, 2016
Food & Drink

Ajinomoto Co., Inc., a global manufacturer of seasonings, processed foods, beverages and amino acids, has agreed to acquire a 33.33% stake in Promasidor Holdings Ltd. for approximately $532 million.

Headquartered in South Africa, Promasidor makes powdered milk, powdered beverages, flavor seasonings, cereals and other food products for sale in 36 countries through Africa.

“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.

The company said the seasonings and processed foods market in Africa is expected to “grow strongly” in the future as the region’s middle-income consumer segment expands and takes a greater interest in diversification of food-related products.

Ajinomoto has had a presence in Africa for many years, establishing West African Seasoning Co. Ltd. in Nigeria in 1991, followed by Ajinomoto Foods Egypt S.A.E. in 2011 and Ajinomoto Afrique de L’ouest S.A. in Côte d’Ivoire in 2012.

In its 2014-16 medium-term management plan, Ajinomoto identified the Africa/Middle East region as one of its “rising stars” (countries and regions targeted for accelerated business expansion), along with Europe/North America.

“By accelerating business expansion in these areas as key growth drivers, the Ajinomoto Group aims to become a genuine global specialty company,” the company said.

Established in 1979, Promasidor had net sales of about $673 million in fiscal 2015 and employs approximately 4,000. The company mainly operates in five countries: Nigeria, Algeria, Ghana, the Democratic Republic of Congo and Angola.

By Eric Schroeder

Source: Food Business News

comments closed

Related News

October 2, 2022

Drinktec 2022: In review

Food & Drink

In the lead-up to the world-famous Oktoberfest – which celebrates Bavarian tradition, beer and the festival spirit – Munich was already buzzing with activity by the time the doors opened to Drinktec 2022 on 12-16 September. The atmosphere was lively, with approximately 50,000 visitors from 169 countries in attendance.

October 2, 2022

Alan Jope to step down as Unilever CEO

Food & Drink

Unilever has announced CEO Alan Jope’s decision to retire from the company at the end of 2023, after five years at the helm. The announcement comes less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.

October 2, 2022

Lakeland Dairies names Colin Kelly as next group CEO

Food & Drink

Lakeland Dairies has announced that Colin Kelly will assume the role of group CEO following the retirement of Michael Hanley at the end of the year. Kelly will take up the position in January 2023, while Hanley will step down in December this year.