Olam acquires Nigeria's Kayass Enterprises

The acquisition is worth approximately US$66.5 million.

Olam International Limited announced it has acquired 100% equity interest in Kayass Enterprises S.A. Kayass’ principal business interest is in the manufacturing and marketing of branded dairy products and beverages in Nigeria.

In a statement Olam said, "Kayass, with its principal focus on dairy products and beverages in Nigeria, fits well into Olam’s Packaged Foods strategy. The company has been an important customer of Olam for the past six years. In addition to offering a strong geographic and product category fit, Kayass provides Olam with opportunities to realise back-end supply chain synergies in the sourcing of key raw materials, logistics, distribution and marketing."