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olam to acquire additional almond assets in australia
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olam international, a global integrated supply chain manager of agricultural products and food ingredients, has signed definitive agreements to acquire 3,853 hectares of planted almond orchards and 48,259 mega liters of permanent water rights (together the timbercorp primary infrastructure fund orchards) from oim #2 (receivers and managers appointed) as trustee for the timbercorp orchard trust #3 (tot3) and oim #5 (receivers and managers appointed) as trustee for the timbercorp orchard trust #5 (tot5), which are currently in receivership. tot3 and tot5 are sub-trusts of the tpif. the total acquisition price is aud$160m in cash which will be funded from a consolidation of internal accruals and existing credit facilities. the transaction is contingent on certain regulatory approvals and other customary conditions and is expected to close in january 2010. the transaction is expected to be earnings and value accretive from year one. oim #5 and oim #2, whose businesses were to lease assets to timbercorp for use in its managed investment scheme operations, were placed into receivership on september 15 and 16, 2009 respectively. timbercorp had been earlier placed into liquidation in june 2009. the almond orchards being acquired vary in age from four to eight years with a weighted average age of six years. apart from the almond trees, land and associated irrigation infrastructure, olam has acquired 48,259 mega liters of permanent water entitlements that at full allocation will provide all the water required to maintain the orchards. these water rights are fully fungible across both the timbercorp and tpif orchards and this will help in the efficient deployment of water across the entire orchard portfolio. shekhar anantharaman, executive director for olam, said: “this acquisition builds on the company’s corporate strategy to enhance its presence across the upstream part of the almonds value chain. almonds represent an attractive industry with strong growth prospects and this acquisition will help olam to build a leading position in australia.” richard haire, regional head for australia and new zealand of olam, said: “olam already has significant investments in cotton, grains, pulses, dairy and wool in the region. the two almond investments reinforce our continued commitment to australia’s agricultural sector.” mr haire added: “this transaction builds on our previous acquisition of the timbercorp almond orchards. it will potentially assist in reducing the overall water availability risk across the combined orchard portfoli." ashok krishen, global head of edible nuts at olam, said: “australia is the fastest growing almond producer in the world and is expected to become the number two producer globally by 2015. the current acquisition accelerates olam’s entry into the domestic australian market and leverages its proximity to the key export markets of china and india, which are emerging as the fastest growing consumption markets for almonds.”
Source :food-business-review.com
Date :
16
November
2009
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janzen farms, based in dayton, oregon, has recalled hazelnut kernels because the product has the potential to be contaminated with salmonella. hazelnut kernels were sold in november and december 2009 at lenny's north, seattle, washington and six 1lb bags were sold at the sunset produce stand in banks, oregon. the product is packed in 1lb plastic bags closed with a twist-tie, with a label ‘oregon hazelnuts product of usa, janzen farms 20555 se webfoot rd, dayton, oregon with weight 16 oz (1lb)’.
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houston—eating a daily dose of pistachios may help reduce the risk of lung and other cancers, according to data presented at the american association for cancer research frontiers in cancer prevention research conference, held dec. 6 to 9, 2009. “it is known that vitamin e provides a degree of protection against certain forms of cancer. higher intakes of gamma-tocopherol, which is a form of vitamin e, may reduce the risk of lung cancer,” said ladia m.
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overweight adolescents ate fewer times per day and were not as hungry when they were taught how to make healthier food choices and snack on a nutrient-rich, satiating snack of peanuts or peanut butter, according to data presented at the obesity society 27th annual meeting. the study targeted frequent snacking and the number of eating episodes as part of the intervention. participants in the study were hispanic middle-school children who were part of a larger weight-loss study funded by the united states department of agriculture-agricultural research service (usda-ars).
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