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Growth in Asia's demand for cocoa powder motivated acquisition.
Olam International has acquired Indonesia-based BT Cocoa for $90 million, along with a majority stake in the cocoa processor's owner YTS Holdings Pte Limited.
Olam sought to purchase BT Cocoa to capitalize on Asia's trajectory to become the largest global consumer of cocoa powder. The move adds 120,000 metric tonnes of cocoa bean processing capacity and 30,000 metric tonnes of cocoa mass pressing capacity to Olam's operations in Indonesia.
"We are excited to have the opportunity to rapidly expand our footprint in Asia and to develop this business with the founder and family of BT Cocoa," said Olam Cocoa CEO Gerard A. Manley. "Our longstanding relationship will enable us to deliver world-class cocoa ingredients and services to our expanded customer base...