|
|
|
|
|
|
 |
|
|
Magazines Archives - 2009 October Olam buys over almond
assets from Australian firm Singapore-based agricultural products and food ingredients company, Olam International Limited, has inked a cash deal with Australian agribusiness company, Timbercorp Limited, for A$128 million (US$112.5 million), to boost its “upstream initiatives in plantations and farming”, said the group in a statement. The deal, which would make Olam
the largest producer of almonds in
the country, will see over 8,000ha of
almond groves in northern Victoria,
along with 40,825 megalitres of permanent Executive director of Olam, Shekhar Anatharaman, said the company
planned to revitalise this business in
Australia, adding it “will invest as
necessary to take these orchards to their He added: “We realise the social and
economic importance of these orchards
for the local community and will work
with all stakeholders to ensure the operationsare sustainable and mutually
beneficial to all.” Despite Timbercorp’s
recent entry into administration, the
Singaporean firm revealed expectations “Australia is the fastest-growing
almond producer in the world and is
expected to become the number two producer
globally by 2015,” Ashok Krishen, global head of Edible Nuts at Olam,
asserted. “These orchards accelerate
our entry into this market at an attractive
price. Australia’s proximity to the Richard Haire, Olam’s regional head for Australia and New Zealand, also stated: “The acquisition is a testament to Olam’s continued commitment to Australia’s agricultural sector. Almonds will be a very important addition to our growing portfolio in the region, which already has significant investments in cotton, grains, pulses, dairy and wool.”
To view other stories, get a copy of Retail Asia. To subscribe, please download the subscription form from http://www.retailasiaonline.com/subscription.html |
||||||
| Site Map | ||||||
|
||||||