Bunge Ltd. said March 1 that it completed the purchase of a 70% stake in edible oil maker IOI Loders Croklaan, formerly owned by Malaysian plantation grower IOI Corp. Bhd., in a bid to boost its presence in the global business-to-business edible oil industry.
The White Plains, N.Y.-based grain company expects the new entity, Bunge Loders Croklaan, to garner $105 million in EBITDA and another $15 million in synergies in 2018. The deal will add to Bunge's earnings on a cash basis in the year. Bunge Loders Croklaan will run within the company's food & ingredients business.
Through the acquisition, Bunge aims to target business-to-business customers in the food processing, industrial and artisanal bakery, confectionery, human nutrition and food service markets.
