Japan’s Mitsui & Co said on Tuesday it will close its Multigrain unit in Brazil by the end of this year amid fierce competition in the sector that led to years of losses.
Mitsui booked a one-off charge of 38.2 billion yen ($351 million) in the year ended March 31 on Multigrain. The Tokyo-based company had warned in February that a restructuring of the unit was likely.
