Singapore's Olam to buy ConAgra dried food unit for $250m

Olam International Ltd., a Singapore- based commodity producer and trader, will pay $250 million for ConAgra Foods Inc.’s dehydrated and vegetable products business. The purchase of ConAgra’s Gilroy Foods & Flavors unit should be completed in two months, Olam said today in a statement.

Olam will supply ConAgra with dehydrated vegetable products and control six manufacturing plants in the US as part of the agreement. Olam aims to double earnings every three years and may invest in cocoa processing by September, Chief Executive Officer Sunny Verghese said last month. The company is expanding into production and farming to augment its trading activities.