Ajinomoto, the Japan-based food group, is reportedly looking for acquisitions in Europe as part of plans to expand rapidly through M&A.
Takaaki Nishii, Ajinomoto's CEO, told The Wall Street Journal the company wanted to expand its business in a region where it is smaller compared to other markets.
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Nishii wants Ajinomoto to set up a dedicated team in France to look for acquisitions in Europe. The publication said Ajinomoto had set a target of being among the world's ten largest food companies by its 2020 fiscal year.
Last year, Ajinomoto snapped up Windsor Quality Holdings, the US's largest ethnic food maker in the country's frozen food sector, for US$800m.
Our analysis of how the Windsor deal fit Ajinomoto's strategy to expand globally can be found here.
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