Olam to refocus on coffee, cocoa and exit rubber and sugar
Michael Chen
Senior Web Developer
Food and agri-business company Olam says it plans to invest US$3.5 billion to ‘enhance its leadership position’ but will de-prioritise selected businesses – including rubber and sugar.
Announcing its 2019-2024 strategic plan the company said it intended to capitalise on key trends shaping the sector and refocus on commodities such as coffee and cocoa.
It will invest to strengthen businesses with high growth potential, while releasing US$1.6 billion by divesting other businesses and assets lying outside its strategic priorities.
Co-Founder and Group CEO, Sunny Verghese (shown here) said, “With our focus on farm-gate origination, end-to-end traceability, sustainability, digital initiatives and innovations like AtSource, Olam is already primed to start capturing growth from this fast-changing landscape.
“Now, following a comprehensive review, our strategy is fully focused on harnessing these health and ethical sourcing trends, as well as changing consumer preferences. Crucially, our strategy will allow us to play a leading role in re-imagining global food and agri-supply chains for the better.”
Source: https://www.coffeeandcocoa.net/2019/01/28/olam-exit-rubber-sugar/
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