Olam International, a Singapore-based food ingredients supplier, has sold its 50% stake in Lansing Olam Canada in a $5.4m deal.
Lansing Olam Canada is a joint venture between Olam and Lansing Trade Group.
The transaction was completed through a share repurchase arrangement. With this move, Lansing Olam Canada ceases to be a jointly controlled entity of Olam.
Olam Grains business president and global head KC Suresh said, "Our exit from Canada will allow us to concentrate our resources on the rest of our Grains businesses in line with the Company's refreshed strategy."
The company expects the deal to have no material financial impact on its earnings for the fiscal year ending 30 June 2014.
Source:
http://www.food-business-review.com/news/olam-sells-stake-in-lansing-olam-canada-030114-4154721
