Olam buys Ivorian cotton supplier's assets
05/06/2008
Singapore-based Olam International has acquired the assets of bankrupt cotton producer La Compagnie Cotonniere Ivoirienne (LCCI), giving it a significant stake in the country's cotton industry.
Reports indicate that Olam paid approximately $19 million for its assets, which was under state ownership. These assets include nearly 250,000 acres of cotton growing land as well as 50,000 cotton workers and four ginning plants.
The Ivory Coast's cotton sector has been struggling in recent years, and it is hoped that this acquisition will give it the boost it needs.
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