Olam Food Ingredients to acquire US private label spices manufacturer Olde Thompson for US$950m

US – Olam Food Ingredients has announced that it is acquiring Olde Thompson, a leading US private label spices and seasonings manufacturer, at an enterprise value of US$950 million. The company said the acquisition was made through its wholly owned subsidiary Olam Holdings Inc. According to a statement by the Singapore based firm, the acquisition aligns with its vision and accelerates its growth strategy of delivering sustainable, natural, value-added food and beverage ingredients and solutions. Established in 1944, Olde Thompson operates two highly automated bi-coastal facilities in Bayonne, New Jersey…

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Olam Food Ingredients establishes systems to rid cocoa supply systems of child labour and deforestation

UK – Olam Food Ingredients (OFI), a leading supplier of cocoa beans and cocoa ingredients, has announced the successful establishment of child labour and deforestation monitoring systems covering its entire supply chain. Child labour is defined by the International Labour Organisation as work that endangers children or interferes with their schooling. In the cocoa industry, the problem of child labour is rampant. The Payson Center for International Development and Technology Transfer estimates that approximately 1.8 million children in the Ivory Coast and Ghana may be exposed to the worst forms…

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Olam’s 2020 annual report, a reflection of a company committed to sustainable growth

SINGAPORE – Global food and agri-business company Olam International has released its 2020 Annual Report, highlighting its key achievements for the year with a particular focus on financial achievement and progress in sustainability commitments. The company noted in its report that it successfully navigated the pandemic and emerged stronger, with a robust operational financial performance in 2020. The company’s overall annual revenues went up 8.6%, totaling US$35.8 billion, including US$12.5 billion for its food division, despite the ongoing coronavirus pandemic. In the report, Olam was also proud of the significant…

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Olam secures US$1.45Bn financing facility to bolster its sustainability sourcing platform

SINGAPORE –  Leading global food and agri-business company,  Olam International Limited has secured a US$1.45 billion facility to help fund activities carried out over its AtSource sustainability insights platform. According to Olam, AtSource is  a “sustainability insights platform” which gives customers a view of their supply chain sustainability parameters. The agribusiness company further notes that the platform also provides insights into how the its customers can effect positive change within the ecosystem and create value for all.  Roel Van Poppel, CEO of AtSource, explains that the sustainability platfrom was created…

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Olam full year profits jumps 36% even as it makes significant progress in business re-organisation

SINGAPORE – leading food and agri-business company Olam International Limited (OIL), has reported a 36% jump in Profit after Tax and Minority Interests for the full year ending December 2020. This is despite of the company operating during a difficult work environment occasioned by the COVID-19 pandemic. During the year, Olam also reported that it had made significant progress in reorganization of its businesses. According to a statement from Olam, the reorganization process will create two new coherent operating groups that are well-positioned for further growth. Creation of two distinct…

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Nigeria wheat value chain players undertake initiative to bolster the sector

NIGERIA – Nigeria’s wheat value chain players and the government are rallying up support to boost the sector’s performance. According to reports by Nigeria News Agency, the Flour Milling Association of Nigeria (FMAN) has provided support to 800 farmers in Kano, Kebbi and Jigawa States to accelerate wheat cultivation. The farmers were provided with improved seeds variety, fertilisers, chemicals and 50 threshers under a soft loan scheme designed to enhance farmer access to inputs and extension services. Further to that, FMAN, in collaboration with Oxfam and agricultural research institutes, have…

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Olam seeks to raise US$188m from Singapore’s debt market even as it extends its food prize application deadline

SINGAPORE – Global food and agri-business company, Olam International Limited has announced that it has priced a benchmark S$250 million (about US$188.7 million) of subordinated perpetual securities under its US$5 billion Euro Medium Term Note Programme. This is the first time in three years that the global agribusiness company is issuing subordinated perpetual securities. The last issuance of a similar kind was made in 2017. Olam says the issue was well subscribed, leading to a final distribution rate of 5.375%, which was tightened from an initial pricing guidance of 5.50%.…

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Olam beefs up spices portfolio with acquisition of leading US chile pepper business

USA – Olam Food Ingredients (OFI), is seeking to expand its spices portfolio to meet the rising demand for bold, authentic flavours with the acquisition of US-based chile pepper business (CPB) of major maker of condiments and sauces, Mizkan America Inc. for US$108.5 million. According to the company the total consideration includes an estimated net working capital of US$55.0 million, subject to net working capital adjustment at closing. The transaction awaits US antitrust regulatory approval and customary closing conditions which are expected to complete in January 2021. The deal, which…

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Crown Flour Mills establishes vitamin premix facility, eyes 90% food fortification compliance

NIGERIA – Crown Flour Mills, Nigerian subsidiary of multinational food and agribusiness company Olam International has established a state-of-the-art vitamin premix facility to steer its food fortification efforts. A first of its kind by any flour miller in the West African country, the complex was established with technical support from the international non-profit organization Technoserve, under its Strengthening African Processors of Fortified Foods programme. According to Crown Flour Mills the facility will enable it to attain the 90% food fortification compliance target, aimed to provide Nigerians with wide access to…

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Olam uses pulp and skin of coffee cherry fruit to create novel superfruit products

UK – Olam Coffee- a subsidiary of global food and agri-business company, Olam International – has developed a range of novel superfruit products from the pulp and skin of coffee cherry fruit. The pulp and skin of the coffee cherry fruit is popularly known as Cascara and has been used for many years by coffee farmers to make tea infusions. Cascara is typically regarded as an unusable by-product by the coffee industry and composted for use as crop fertiliser, or discarded altogether. But Olam Coffee has found that the leftover…

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