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Food maker Ajinomoto aiming for world's top 10

New business plan calls for growth investment of $4.4bn

Ajinomoto aims to go head to head with the likes of Nestle and Unilever.

TOKYO -- Ajinomoto plans to put aside nearly 500 billion yen ($4.43 billion) for growth investment, setting its sights on becoming one of the world's top 10 food companies by fiscal 2020.

"Over the next three years we are going to pour over 150 billion yen into M&A," President Takaaki Nishii said Friday at a press conference. The Japanese seasonings and frozen-food purveyor unveiled a new three-year business plan through March 2020 the same day. Its growth investments, including capital spending, will total nearly 500 billion yen over that span.

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