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Ajinomoto Co acquires all shares of frozen food company LTS through AFE
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Wednesday, 08 November, 2017, 08 : 00 AM [IST]
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Tokyo
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Ajinomoto Co, Inc has recently completed the procedures for the acquisition of all shares of Labeyrie Traiteur Surgelés S A S (LTS) through its consolidated subsidiary Ajinomoto Foods Europe S A S (AFE) in accordance with the details announced earlier this year.
This acquisition will further strengthen the former’s consumer food business in Europe and accelerate its growth.
The acquisition price is 27 million euro (approximately 3.6 billion Yen), which is based on an enterprise value of 21 million euro (approximately 2.8 billion Yen) for LTS.
It took into account factors including the receivables held for LTS by Labeyrie Fine Foods S A S, its parent company.
Along with the acquisition of all shares, Labeyrie Traiteur Surgelés S A S has been renamed LTS S A S.
The impact of the acquisition on Ajinomoto Co’s business results for fiscal 2017 will be immaterial.
Price after adjustment at the time of the share acquisition
As additional adjustments will be made after the share acquisition, the acquisition price has not been finalised. (The exchange rate is one Euro = 131.76.)
Overview
of LTS S A
S
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Location:
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Le
Neubourg, France
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Established:
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2010
(Recorded year of acquisition of Brossard Frozen Food by Labeyrie
Fine Foods S
A
S)
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Representative:
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Albert
Ragon,
president
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Sales:
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Approximately
50 million
euro
(approximately
6.6 billion
Yen)
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Number
of employees:
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307
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Businesses:
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Manufacture
and sale of frozen foods
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Capital:
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Seven
million
euro
(Approximately
900 million
Yen)
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Equity
ownership:
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Ajinomoto
Foods Europe S
A
S
(100
per cent)
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