Cargill buys Sorini in Indonesia

Cargill pays $301 million for control of Indonesian sorbitol producer Sorini as the multinational seeks to consolidate its food ingredients business in Southeast Asia.

Cargill is buying an 85% stake in Sorini Agro Asia Corporindo, an Indonesian producer of sorbitol, for an equity value of Rp2.7 billion $301 million. AKR Corporindo and UOB Kay Hian, which own a combined 85% of Sorini, have struck an agreement to sell their shares to Cargill.

AKR is the largest private distributor of basic chemicals and non-subsidised petroleum products in Indonesia. Through its 68% ownership of Sorini in Indonesia and another subsidiary, Khalista Liuzhou Chemical Industries in China, AKR is one of the largest producers of sorbitol and starch sweeteners in Asia-Pacific. The divestment of Sorini is intended to allow AKR to enhance focus on its energy, chemical distribution and logistics...

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