Amsterdam / NL. (cb) The Netherland’s Corbion announced it has entered into an agreement with the shareholders of Granotec do Brazil to acquire full ownership of the company. Granotec do Brazil is a leading 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 center.
The cash purchase price for all shares of Granotec do Brazil is USD 45 million. The company in 2018 recorded sales of approximately USD 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.
One of the key growth drivers of Corbion’s «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 commented: «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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