Bunge International has acquired a 70% stake in oils producer IOI Loders Croklaan from IOI Corporation Berhad for an undisclosed sum.
IOI Loders Croklaan supplies products such as palm oil to consumers in over 100 countries, and the brand will join Bunge’s Food & Ingredients division as Bunge Loders Croklaan.
Bunge claims that the deal will diversify its product portfolio, allowing the company to supply new products to customers in the food processing, industrial and artisanal bakery, confectionery, human nutrition and food service segments.
Soren Schroder, Bunge’s CEO, stated, “This is a transformational acquisition that increases our value-added food and ingredients activities to the 35% to 40% share of our portfolio we’ve targeted.
“With a comprehensive product offering derived from seed and tropical oils, leading innovation and application capabilities, and world-class sustainability programs, Bunge Loders Croklaan will be the first choice for global edible oils customers seeking to innovate and grow.”
Gordon Hardie, president of Bunge’s Food & Ingredients division added: “We’re excited to leverage the combination of Bunge’s integrated supply chain and existing oils portfolio with Loders’ high-end speciality and semi-speciality products to help our customers grow their brands and businesses around the world.
“We’re also excited to begin working alongside our new colleagues, whose deep market and technical knowledge will benefit our continuing development of a wide range of edible oils applications aligned with consumer trends and customers’ needs.”
© FoodBev Media Ltd 2024