December 5, 2014 / 2:24 AM / 4 years ago

Olam International says to buy U.S. peanut sheller for $176 million

A man walks past a logo of Olam International Limited at its office in Singapore November 29, 2012. REUTERS/Edgar Su

SINGAPORE (Reuters) - Agricultural firm Olam International Ltd (OLAM.SI) said on Friday that it plans to acquire McCleskey Mills, Inc., a U.S. peanut sheller, for $176 million.

McCleskey Mills is the third-largest peanut sheller in the United States. The acquisition is consistent with Olam’s strategy to invest in specific products, including edible nuts.

“We see a steady rise in production and exports in the future to meet the increased demand in emerging markets such as China and India,” President of Olam’s peanut business, Anupam Jindel, said in a statement.

“This provides a clear rationale to invest in U.S. peanut shelling operations and close out an existing gap in our supply chain.”

Reporting by Rujun Shen; Editing by Richard Pullin

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