Archer Daniels Midland says it has agreed to sell its global cocoa business to Olam International for $1.3 billion. The agribusiness company says the deal would let it invest in less volatile businesses or distribute money to shareholders, or both.
ADM's cocoa unit includes facilities in several countries, including Brazil, Canada, Germany, Ghana and Singapore.
The Chicago-based company said Monday that a majority of the roughly 1,550 employees in the cocoa business will transfer to Olam, an agribusiness company headquartered in Singapore.
The proposed transaction is expected to close in the second quarter and does not affect the pending sale of ADM's chocolate business to Cargill.
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