Hong Kong-based commodities trading company Noble Group has said it has acquired major assets and the business of Canadian pulses firm Finora Canada from US agribusiness giant Archer Daniels Midland.
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Financial details of the deal were not disclosed, but Noble said Finora, a Canadian-based pulses supplier and processor, had global sales of more than US$100m, reported Reuters.
Noble said the deal would also provide a platform for it to widen its cooperation with ADM.
“We have linked a Western producer of a commodity that has its primary growing base of demand in countries in the east where Noble is strong,” Richard Elman, chief executive officer of Noble, said in a statement.
“I view this acquisition as a perfect example of the type of synergies we will focus on for continued expansion,” Elman was quoted by Reuters as saying.
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