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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.”
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