Wednesday, February 4, 2009

Daily news - 3 Feb

Olam buys Argentine peanut shelling firm
Olam International has bought a peanut shelling and blanching company in Argentina for US$7 million, as part of plans to build a fully integrated peanut supply chain operation. Its subsidiary, Olam Argentina, acquired Industria Martin Cubero (IMC) in an all-cash transaction which will be funded by existing loans and internal accruals. Established in 1996, IMC is said to be one of the top five players in Argentina's peanut industry. The IMC processing facility is located in the Cordoba province and can handle the cleaning, drying, storage, shelling and blanching of groundnuts. 'In Argentina, we initially focused on building our farming infrastructure,' said senior vice-president and global head of peanut business Anupam Jindel. 'We can now focus on extracting margins from processing efficiencies and improving the quality of the final product.'

Source: Kim Eng

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