Olam International completes US$38M acquisition of Turkish hazelnut manufacturer Progida Group
December 27, 2011
Olam International Limited (“Olam” or “the Company”) refers to its earlier announcement made on 10 November 2011 on the proposed acquisition of 100% of the equity interests in the Progida Group (“Progida”), including the ingredients processing facility in the Giresun region of Turkey with a total capacity of 40,000 metric tonnes of kernel per annum and two leased cracking units in the Ordu region, a key hazelnut growing region in Turkey.
The Company is pleased to announce that it has today successfully completed the proposed acquisition for an enterprise value of 66 million Turkish Lira (approximately US$ 38 million).
Following the completion of the Proposed Acquisition, Progida becomes a subsidiary of the Company and the acquired business will operate as part of Olam’s Edible Nuts business unit.
About Olam International Limited
Olam International is a leading global integrated supply chain manager and processor of agricultural products and food ingredients, sourcing 20 products with a direct presence in 65 countries and supplying them to over 11,600 customers. With direct sourcing and processing in most major producing countries for its various products, Olam has built a global leadership position in many of its businesses, including cocoa, coffee, cashew, sesame, rice, cotton and wood products.