AAK buys oils and fats company in Colombia
by Jeff Gelski
MALMO, SWEDEN — AAK has acquired Fabrica Nacional de Grasas S.A. (FANAGRA), which is based in Bogotá, Colombia, and specializes in vegetable oils and fats for the bakery segment. FANAGRA employs 155, had annual revenues of about SEK270 million ($39.9 million) last year and has an annual volume of 30,000 tonnes. The company has a plant in Villavicencio, Colombia.
The acquisition will have a limited impact on AAK’s 2014 operating profit and will contribute fully starting in January 2015.
“This acquisition will reinforce AAK’s specialty oils and fats strategy and offers a strong foothold in Colombia, the third largest G.D.P. in Latin America,” said Octavio Diaz de León, president of Northern Latin America for AAK, when the acquisition was announced July 10. “FANAGRA shows a significant potential to grow and emerge as an important player in the Colombian industrial market in which AAK will launch its innovative co-developed products that address global and local trends.”
AAK will give more information on the acquisition on July 17 when it releases an interim report for the second quarter.