Japanese food giant Ajinomoto buys 33% stake in Promasidor for $532 million. This is its latest towards becoming a top-10 global food company. Ajinomoto Co., Inc. is a Japanese food and chemical corporation which produces seasonings, cooking oils, TV dinners, sweeteners, amino acids, and pharmaceuticals. In particular it is the world’s largest producer of aspartame, with a 40% global market share
Ajinomoto bought 25% of Tana Africa Capital‘s interest for $399 million as part of the deal.
According to Reuters, the price values the whole of Promasidor at about $1.6 billion, which is 16 times Promasidor’s earnings before interest, tax, depreciation and amortization (EBITDA).
Promasidor, known for the sale of powdered milk and drinks, seasonings and other food products, operates mainly in Nigeria, Algeria, Ghana, the Democratic Republic of Congo and Angola.
Ajinomoto seeks to combine its own product development activities with Promasidor’s extensive sales and distribution network to establish the firm as a dominant force it is sector. This will now give Ajinomoto access to a large distribution network that spans 36 countries in Africa.
Founded in 1979, Promasidor made $673 million in net sales for its 2015 fiscal year.
Ajinomoto Co., Inc. is a Japanese food and chemical corporation which produces seasonings, cooking oils, TV dinners, sweeteners, amino acids, and . In particular it is the world’s largest producer of aspartame, with a 40% global market share
