Corbion has entered into an agreement to acquire Granotec do Brazil, a manufacturer of functional blends for the Brazilian bakery industry, for $45 million. The transaction is expected to close in the first half of 2019, at which point the company will be integrated into Corbion’s Brazilian operations.
Granotec do Brazil, which specializes in bakery ingredients such as enzymes, flavorings and colorants, had sales of approximately $26 million and an EBITDA of $3.7 million in 2018. The company employs about 120 at its production facility and development center in Curitiba, Paraná State, Brazil.
The purchase of Granotec do Brazil fits into Corbion’s previously announced Creating Sustainable Growth strategy, which includes expanding its bakery business geographically and extending its North American Bakery solution provider model into Latin America.
“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,” said Tjerk de Ruiter, chief executive officer of Corbion. “Granotec do Brazil greatly complements Corbion’s capabilities and geographical footprint to provide sustainable ingredient solutions in this region.”
By Rebekah Schouten
Source: Food Business News
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