U.S. meat processor Tyson Foods Inc. agreed to sell its Circle Foods unit to Japanese food company Ajinomoto Group, food and beverage news outlet FoodBev reported March 19.

The Japanese company will pay approximately $48 million for the deal, with $28 million for land and building costs and about $20 million for production assets, Northwest Arkansas Online reported March 20, citing Paul Taylor, Tyson's executive vice president. The deal will reportedly close April 15.

Under the arrangement, Tyson Foods will retain some assets of Circle Foods' San Diego operations.