Olam Gobbles Up Nigerian Biscuit Maker For $167M

Law360, New York (February 9, 2012, 12:06 PM EST) -- Singaporean agricultural processor Olam International Ltd. has purchased Nigerian biscuit and candy maker Titanium Holding Co. SA for $167 million in order to seize on rapid growth in West African consumer markets, Olam said Thursday.

Olam, which makes agricultural products and food ingredients, said the deal for Titanium immediately would be earnings and cash flow accretive.

Titanium owns the second-largest biscuit, or cookie, and sugar candy outfit in Nigeria and reported $162 million in sales in 2011, according to Olam. A steadily increasing market share for...
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