Bunge to buy soy lecithin business
Bunge Global SA has entered into an agreement with Solae to acquire substantially all of the lecithin, soy protein concentrate and soybean processing assets of International Flavors and Fragrances, Inc (IFF).
The deal is expected to close by the end of 2025. Financial terms were not disclosed, World Grain reports.
The purchase agreement covers transactions that will generate approximately $240 million in 2024 revenue for New York, New York-based IFF and employ approximately 250 people worldwide. IFF is a global supplier of flavors, food ingredients, and health and life sciences solutions.
“Bunge is focused on consolidating assets, and I would argue that they are managing them much better than we are,” says IFF CEO Fyrwald. “We had low margins… And the production of these products was distracting us from our differentiated isolated soy protein business, which we can now focus on, driving application development and innovation in that business. Overall, this will significantly improve our profitability in the food ingredients segment and allow us to focus on what we really need.”
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