ADM to sell its global cocoa business to Olam International

 

The U.S. agroconcern Archer Daniels Midland Company (ADM) has announced that it has reached an agreement to sell its global cocoa business to Olam International Limited for USD 1.3 bn. The sale encompasses ADM’s entire global cocoa business, including processing facilities in Mississauga, Canada; Koog aan de Zaan and Wormer, Netherlands; Mannheim, Germany; Ilhéus, Brazil; Abidjan, Côte d'Ivoire; Kumasi, Ghana; and Singapore. Also included are ADM’s buying stations in Brazil, Cameroon, Côte d'Ivoire, and Indonesia, as well as the company’s deZaan and UNICAO brands. The majority of the approximately 1,550 colleagues in ADM’s cocoa business will transfer to Olam with the sale.

 

The proposed sale, which is contingent on customary regulatory approvals, is expected to close during the second quarter of 2015. This transaction does not impact the sale of ADM’s chocolate business to Cargill, which is progressing as planned. In September ADM sold its global chocolate business to Cargill for USD 440 m. Included in the sale were chocolate manufacturing operations located in Hazleton, Pennsylvania; Milwaukee, Wisconsin; Georgetown, Ontario; Liverpool, U.K.; Manage, Belgium; and Mannheim, Germany with approximately 700 employees.

 

 

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