Magazines Archives - 2009 October

Olam buys over almond assets from Australian firm
Story 12 - Food Biz Asia

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
water rights from Timbercorp, change hands over the next two months, subject to the country’s regulatory proceedings.

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
full potential”.

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
of about 27,000 tonnes of almonds to be produced annually.

“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
key export markets of China and India will position us very well to capitalise on the increasing export volumes,” he said.

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.”


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2009 Oct Stories:

Is the global economic recovery already on ... ? Part 1: Probably yes, but Asian retailers remain guarded about its drivers and downsides

Customer centricity is key to success

Advanced technology and innovations stole the show at FHT2009

Paperworld China attracts returning and first-time participants

Thai retailers overcome negative growth with effective management

Retail companies adopt creative measures to woo customers

Retailers look at branding and staffing to improve operationst

India’s retailers face immense management challenges

Chain store and franchise enterprises command leadership position in China

Dutch developer to roll out six European-style malls in South India

Royce’ opens largest outlet at Ion Orchard

Olam buys over almond assets from Australian firm

DFP extends JDA solutions across the Philippines

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