SunOpta has signed an agreement to sell its global ingredients segment and related assets to Amsterdam Commodities (Acomo) for €330 million.
The divestiture will enable SunOpta to focus on its value-added, organic and natural plant-based foods and beverages.
Acomo will take ownership of Tradin Organic, which became a part of SunOpta in 2008. Tradin Organic sources premium, certified organic food ingredients for the international food industry.
Under the terms of the agreement, SunOpta will offload its processing facilities located in Amsterdam, the Netherlands; Silistra, Bulgaria; Addis Ababa, Ethiopia; and Yirgalem, Ethiopia.
Following completion of the sale, these facilities and their employees will continue to operate in ordinary course, with approximately 525 employees to be transferred from SunOpta to Acomo.
Proceeds from the transaction will be used as capital investment to accelerate SunOpta’s expansion plans for its plant-based foods and beverages segment.
“This transaction further solidifies SunOpta’s future direction as a high-growth, plant-based company focused on providing value-added products in competitively advantaged categories with consistent, sustainable, above average growth characteristics,” said Joe Ennen, CEO of SunOpta.
As part of the transaction, SunOpta has negotiated a long-term supply agreement with Acomo. Acomo is an Amsterdam-based global commodity trading company involved in the distribution of natural food products and ingredients such as spices, tea, edible seeds and nuts.
Allard Goldschmeding, Acomo group managing director, added: “With the exciting acquisition of Tradin, Acomo will realise a highly complementary acquisition, creating a leading global player across organic and conventional unlisted commodities.
“The company is a leading partner for the organic food industry, benefitting from the rapidly growing global consumer demand for sustainable and healthy foods.”
The transaction, subject to customary closing conditions, is expected to be completed by January 2021.
© FoodBev Media Ltd 2020