Singapore based company Olam International Limited (Olam) has recently announced plans to invest $61 million to establish a new cocoa processing facility.
As reported by Australian Food News (AFN), the company has 65 businesses that operate as a value chain, with Olam saying that the project will “leverage the strength of its Indonesian cocoa sourcing network and participate in the growth of Asian cocoa consumption”.
AFN went on to say that the facility will have an initial capacity of 60,000 metric tonnes and will produce cocoa butter, cocoa cake and high quality cocoa powders. The plant will primarily grind Indonesian beans sourced through a traceable network which will include 32,000 farmers. Additional beans will also be supplied from the company’s networks in Africa.
According to Gerry Manley, Olam’s Managing Director and Global Head for Cocoa, “Olam’s decision to make a strategic move to establish a processing facility in Indonesia is based upon our long term investment in sourcing cocoa in the country and perfectly meets the requirements of Olam Cocoa’s strategy”.
He added: “We strongly believe that we are entering a phase of exceptional growth in Asian demand, which will redefine the consumption trends for cocoa and the requirements for high quality products by our customers. The ability for the Indonesian facility to be a hub for Asia underlines our belief in the strength of the Indonesian economy and attractiveness for investment”.
Source: Australian Food News