Ajinomoto completed the acquisition of a 33.33% stake in Promasidor Holdings for $532m.

Ajinomoto, a Japanese multinational food and biotechnology corporation, completed the acquisition of a 33.33% stake in Promasidor Holdings, a seasonings and processed foods manufacturer, for $532m. Ajinomoto will acquire 33.33% of the shares of Promasidor today. It will participate actively in Promasidor’s management and business operations through representation on its board of directors and in other ways, and Ajinomoto and Promasidor will consider integrating their Nigerian subsidiaries. Following the share purchase, Ajinomoto plans to make Promasidor an affiliated company accounted for by the equity method. The impact of this matter on business results for fiscal 2016 is immaterial.