Viterra says acquisition to strengthen food processing presence
Viterra has said its takeover of a Manitoba canola crusher will boost its position in the domestic food processing industry.
The Canadian company announced that its proposals to acquire the assets of Associated Proteins LP for $56m (C$64m) would increase its canola oil production capacity by up to 1,000 tonnes a day.
The Canadian Competition Authority is expected to announce its decision on whether to approve the deal by June 25.
Chief executive Mayo Schmidt said: “This acquisition is an ideal fit for Viterra. It bolsters our presence in food processing and complements our position as Canada's leading canola exporter. It is consistent with our overall strategy to grow our company's value-added capabilities."
The company said it was expecting significant growth for canola oil as a replacement for soy oil in food applications.
