Ajinomoto Co. Acquires 50% Stake in Kükre A.Ş.,
a Premium Brand Food Company in Turkey
Accelerating Business Development in the Turkish Market
TOKYO, November 5, 2013 - Ajinomoto Co., Inc. (Ajinomoto Co.) signed an agreement today to acquire a 50% stake in KÜKRE GIDA VE İHTİYAÇ MADDELERİ NAKLİYAT VE ÖZEL EĞİTİM HİZMETLERİ TİCARET VE SANAYİ ANONİM ŞİRKETİ (Kükre A.Ş.), a premium brand food company in Turkey, for approximately 60 million Turkish Lira (TRY)* (approximately JPY 2.9 billion).

By adding its wide-ranging strengths in product development and production technology to the powerful brand and distribution capabilities of Kükre A.Ş., Ajinomoto Co. aims to enhance its existing business in Turkey and expand its business into new fields of food products to strengthen its future rollout into the markets of the Middle East and Central Asia.

Turkey has a population of approximately 75 million with per capita GDP of USD 10,504. The country’s seasonings and processed food market was TRY 65.0 billion (approximately JPY 3.2 trillion) in fiscal 2012 (Ajinomoto Co. estimate) with a firm annual growth rate of 5.4%, and demand is expected to grow briskly in the future. Ajinomoto Co. has started a restaurant-use seasonings business in Turkey through Ajinomoto Istanbul Food Sales Ltd. (established in 2011).

With a history of nearly 100 years, Kükre A.Ş. is a food products company that produces and sells seasonings (vinegars, fruit sauces), pickles and other products, and its main KEMAL KÜKRER product lineup is recognized as a premium brand throughout Turkey. Moreover, the company has a distribution network covering more than 30,000 retailers in Turkey and powerful capabilities for direct marketing to the restaurant channel, nationwide mass merchandiser chains and influential retail stores. Kükre A.Ş. will achieve further growth by enhancing sales of existing products such as AJI-NO-MOTO® and expanding into new fields of original food products using the wide-ranging strengths in product development and production technology of Ajinomoto Co.

With this acquisition, Ajinomoto Co. aims for a market of JPY 5.0 billion (approximately 2.5 times the current scale) by 2018. Moreover, starting with the expansion of the business of Kükre A.Ş., in the future Ajinomoto Co. intends a further rollout into the Middle East and Central Asia as new markets to follow ASEAN and South America.

Ajinomoto Co. plans to make Kükre A.Ş. a non-equity-method affiliate in consideration of the impact of its business results on the financial statements of Ajinomoto Co.

* TRY 1 = JPY 49.2 (exchange rate as of October 31, 2013)


Overview of Kükre A.Ş.
(1) Location:Eskişehir, Republic of Turkey
(2) Established:1915
(3) Representative:Sabri Gülel, President
(4) Number of employees:175
(5) Main business:Production and sale of vinegars (fruit vinegars, balsamic vinegar), fruit sauces, pickles and other products
(6) Capital:TRY 8,250 thousand (approx. JPY 0.4 billion)
(7) Net sales:Approx. TRY 33 million (approx. JPY 1.6 billion) (2012 actual)


Management after Capital Participation
(1) Equity stake:Acquisition of 50% of the stock of Kükre A.Ş. by Ajinomoto Co.
for TRY 60 million (approx. JPY 2.9 billion)
(2) Shareholder composition:Ajinomoto Co.50%
Sabri Gülel32%
Cavit Gülel17%
Serkan Gülel1%
(3) Date of capital participation:Mid-December 2013
(4) Management structure:Two directors dispatched from each company (total of four)
Ajinomoto Co. (Chairman), Kükre A.Ş. (President)

About Ajinomoto Co.
Ajinomoto Co. is a global manufacturer of high-quality seasonings, processed foods, beverages, amino acids, pharmaceuticals and specialty chemicals. For many decades Ajinomoto Co. has contributed to food culture and human health through wide-ranging application of amino acid technologies. Today, the Company is becoming increasingly involved with solutions for improved food resources, human health and global sustainability. Founded in 1909 and now operating in 26 countries, Ajinomoto Co. had net sales of JPY 1,172.4 billion (USD 14.1 billion) in fiscal 2012. For more about Ajinomoto Co. (TYO: 2802), visit www.ajinomoto.com.

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