Corbion to acquire Brazilian baking blends company28 Mar 2019
Corbion has entered into an agreement with the shareholders of Granotec do Brazil - a specialist in functional blends for the Brazilian bakery industry - to acquire full ownership of the company.
Granotec do Brazil is a specialist in functional blends for the Brazilian bakery industry.
The company is headquartered in Curitiba, Paraná State, Brazil, employs around 120 staff and operates a production facility and a development centre.
The cash purchase price for all shares of Granotec do Brazil is $45 million. The company in 2018 recorded sales of approximately $26 million and an EBITDA of USD 3.7 million. The acquisition will be financed from existing Corbion debt facilities, and will be integrated in Corbion's existing Brazilian organization. The completion of the transaction is still subject to customary approvals, which are expected in the first half of 2019.
Corbion says that one of the key growth drivers of its 'Creating Sustainable Growth' strategy is expanding the bakery business geographically and extending the North American Bakery solution provider model into Latin America, and this acquisition perfectly fits in this ambition.
Corbion CEO Tjerk de Ruiter said: "We have seen a continued positive development of our business in Latin America, and this acquisition will provide us with a platform to serve our customers even better. Granotec do Brazil greatly complements Corbion's capabilities and geographical footprint to provide sustainable ingredient solutions in this region."
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