Olam Acquires Hazelnut Supplier

SINGAPOREOlam International Limited finalized its acquisition of Progida Group for approximately US $38 million. The acquisition of Progida, a manufacturer and supplier of Turkish hazelnut kernels, includes the ingredients processing facility in the Giresun region of Turkey with a total capacity of 40,000 metric tonnes of kernel per annum, and two leased cracking units in the Ordu region, a key hazelnut growing region in Turkey.

As a result of the acquisition, Progida is a subsidiary of Olam and the acquired business will operate as part of Olams edible nuts business unit.