Ajinomoto Co. Strengthens Its
Frozen Food Business in North America
Technological Participation by Toyo Suisan in the
Growth-Driving Frozen Noodle Business
TOKYO, December 18, 2013 - Ajinomoto Co., Inc. (Ajinomoto Co.) and Toyo Suisan Kaisha, Ltd. (Toyo Suisan) exchanged a memorandum of understanding today on technological participation by Toyo Suisan in the frozen noodle business of Ajinomoto Co. in North America. Under the agreement, the companies will establish a frozen noodle production company through a joint venture with investments of 80% from Ajinomoto Co. and 20% from Toyo Suisan. Sales will be handled by Ajinomoto North America, Inc. (AJINA), a wholly owned subsidiary of Ajinomoto Co. that operates the consumer food business in North America. These measures will strengthen the technological side of the frozen noodle business of Ajinomoto Co., which is a growth driver of the company’s steadily expanding frozen food business in North America.

Since the establishment of Ajinomoto Frozen Foods U.S.A., Inc. in 2000, the frozen food business of Ajinomoto Co. in North America has been steadily expanding (net sales estimate of JPY 10.0 billion in fiscal 2013). Among its products, frozen noodles (chow mein) have contributed to business expansion since their launch in 2007. The frozen noodle market in the United States has grown to JPY 15.0 billion in fiscal 2012 (an 18% increase from the previous fiscal year; Ajinomoto Co. survey). With a forecast of further market expansion backed by the increasing number of ramen shops, Ajinomoto Co. has been considering strengthening its competitiveness on the technological side.

In addition, in April 2013 Ajinomoto Co. established a structure to further strengthen and expand the consumer food business in North America by integrating the operations of the shelf stable business, which centers on seasonings, and the frozen food business.

On the other hand, Toyo Suisan has manufactured and sold frozen noodles since 1984, and in the process has improved its technological capability for noodle manufacturing in the field of frozen foods.

With this agreement, Ajinomoto Co. will use the strength of Toyo Suisan in high-level noodle production technology to lead the frozen noodle market by introducing ramen and other new products in addition to chow mein, thus accelerating expansion of its frozen food business in North America.

Outline of Memorandum of Understanding
The two companies have formed a basic agreement to establish a joint venture company as follows.

(1) Equity ownership:Ajinomoto Group 80%, Toyo Suisan Group 20%
(2) Representative:Director to be designated by Ajinomoto Co.
(3) Head office location:Portland, Oregon, United States of America
(4) Business category:Frozen noodles
(5) Role of companies:Ajinomoto Group: Business management support
Toyo Suisan Group: Production/development support
Reference
(1) Investment:Approximately JPY 2.5 billion
(2) Sales target:Approximately 8,000 tons 10 years after the start of sales
(3) Brand:AJINOMOTO®
(4) Start of sales:Fiscal 2015 (scheduled)

Overview of the Two Companies

Ajinomoto Co., Inc.
(1) Representative:Masatoshi Ito, Representative Director, President & Chief Executive Officer
(2) Location:15-1, Kyobashi 1-chome, Chuo-ku, Tokyo, Japan
(3) Established:1925 (founded in 1909)
(4) Net sales:JPY 1,172.4 billion (consolidated, year ended March 31, 2013)
(5) Number of employees:27,518 (consolidated, as of March 31, 2013)
(6) Business description:Manufacture and sale of seasonings, processed foods, amino acids,
pharmaceuticals, specialty chemicals, etc.

Toyo Suisan Kaisha, Ltd.
(1) Representative:Kazuo Obata, President and Representative Director
(2) Location:13-40, Konan 2-chome, Minato-ku, Tokyo, Japan
(3) Established:1953
(4) Net sales:JPY 344.5 billion (consolidated, year ended March 31, 2013)
(5) Number of employees:4,275 (consolidated, as of March 31, 2013)
(6) Business description:Manufacture and sale of instant noodles, fresh noodles, frozen noodles,
processed foods, etc., seafood business, cold-storage business


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 and regions, 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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