Japanese food products manufacturer Ajinomoto Co. Inc. is mulling over the sale of its Hong Kong soy sauce brand, Amoy Food Ltd., Bloomberg News reported May 28, citing people with knowledge of the matter.
The company, which sells AJI-NO-MOTO seasonings and JINO personal care products, is assessing potential interest in its condiments manufacturing unit, sources told the news outlet, adding that Amoy Food could book about $70 million to $80 million if a deal happens. However, the decision to sell Ajinomoto's soy sauce unit reportedly is in its early stages and may not lead to a transaction.
The Tokyo-based conglomerate purchased Amoy Food in 2006 from Danone Asia Pte. Ltd., Singaporean subsidiary of French food company Danone, for about HK$1.85 billion.
An Ajinomoto representative told Bloomberg News that the company has not issued a decision.
