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Monday, 24 October 2011

Olam buys spice assets, businesses of VKL for US$18m


Olam International Limited on Monday announced that it has acquired the spice assets and businesses of Vallabhdas Kanji Limited (VKL) for US$18 million.

The acquired business is one of Asia's leading processor and exporter of multiple spices in both bulk and private label form.

'We are acquiring midstream and downstream processing assets in two important spice origins namely India and Vietnam, from a leading producer and exporter of spice and spice ingredients. This offers us a unique opportunity to accelerate our entry into new, attractive product segments namely chilli and turmeric, as well as into the private label segment of the value chain,' said Olam's president and global head for spices and vegetable ingredients, Greg Estep.

'We also expect these operations to bring in additional revenue and cost synergies for Olam as we combine our sourcing, processing and distribution capabilities under one network for adjacent products and geographies,' he added.

Olam International is a leading global integrated supply chain manager and processor of agricultural products and food ingredients.

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