New Zealand
olam food ingredients ("ofi"), a global leader in naturally good food and beverage ingredients, has started planning the next phase of capacity investment at its Tokoroa dairy plant for the production of specialized and high value protein-based dairy ingredients.
“Local farmers have shown a strong interest in supplying the plant. Our intention when we started our investment in Tokoroa was to add additional facilities over time and we are pleased to be progressing our plans for this.
“When construction of the current dryer is complete, our aim is to enhance its capability so we can produce specialized protein ingredients with a higher value, in addition to whole milk powder, so that our farming partners can benefit from higher returns in time,” said Paul Rennie, Operations Director for ofi, New Zealand.
When complete, the plant will be able to produce whole milk powder and protein concentrates for ofi’s international customers and to serve the growing nutritional industry.
“Demand for protein-based ingredients is growing and our customers’ response to this new opportunity to secure specialized ingredients from New Zealand’s high quality milk pool has been very positive.
“We have also offered the customers who will be buying these ingredients the opportunity to partner on sustainability initiatives in New Zealand, which we expect to create further value for our local farmers,” said Sandeep Jain, Managing Director and CEO – Dairy for ofi.
“We are excited to be adding more New Zealand-sourced ingredients to our existing product portfolio, and helping our customers turn those ingredients into tasty, nutritious, sustainable and convenient dairy products across many categories,” said Naval Sabri, Senior Vice President, ofi.
Protein concentrates are typically used in sports and adult nutrition and a range of food and beverage applications, such as high-protein beverages and energy snack bars.
ofi is on track with its milk supply needs with interest from farmers expected to grow as the investment for its next stage progresses.
“We expect this new investment will help us grow the value of our milk, which creates an opportunity to return value back over time to our farmers as well, in line with our global commitment to producing ingredients in a way that’s socially responsible, economically profitable and environmentally sustainable,” Rennie said.
Construction of the stage one investment is progressing well and remains on track for commissioning in the second half of 2023.
About ofi
olam food ingredients (“ofi”) is a new operating group born out of Olam. ofi offers sustainable, natural, value-added food products and ingredients so that consumers can enjoy the healthy and indulgent products they love. It consists of industry-leading businesses of cocoa, coffee, dairy, nuts, and spices. ofi has built a unique global value chain presence including its own farming operations, farm-gate origination, and manufacturing facilities. ofi partners with customers, leveraging its complementary and differentiated portfolio of ‘on-trend’ food products, to co-create solutions that anticipate and meet changing consumer preferences as demand increases for healthier food that’s traceable and sustainable.
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About Olam Group
Olam Group is a leading food and agri-business supplying food, ingredients, feed and fibre to 20,900 customers worldwide. Its value chain spans over 60 countries and includes farming, processing and distribution operations, as well as a global network of farmers. By re-imagining global agriculture and food systems, Olam Group aims to address the many challenges involved in meeting the needs of a growing global population, while achieving a positive impact for farming communities, our planet and all our stakeholders.
Headquartered and listed in Singapore, Olam currently ranks among the top 30 largest primary listed companies in terms of market capitalisation on SGX-ST.
Since June 2020, Olam Group has been included in the FTSE4Good Index Series, a global sustainable investment index series developed by FTSE Russell, following a rigorous assessment of Olam’s supply chain activities, impact on the environment and governance transparency. The FTSE4Good Index Series identifies companies that demonstrate strong Environmental, Social and Governance (ESG) practices and is used by a variety of market participants to create and assess responsible investment funds.
More information on Olam can be found at www.olamgroup.com
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This announcement does not constitute or form part of an offer for sale or solicitation of an offer to purchase or subscribe for securities in the United States, Canada, Australia, South Africa, Japan or any other jurisdiction and the securities referred to herein have not been registered under the securities laws of any such jurisdiction. The ordinary shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold, directly or indirectly, in the United States, absent registration under or an exemption from, or transaction not subject to, the registration requirements of, the Securities Act. No public offering of securities is being made in the United States or in any other jurisdiction.
Nikki Barber
Head of Communications,ofi
+44 7568 108555
Nick Viner
Head of Media,ofi
+44 7721 160645
+64 21 375 073
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