Olam's Grains Business president and global head KC Suresh said the JV will leverage Olam's in-house milling demand in Africa, its rapidly growing global trading platform and customer base along with Lansing's deep knowledge of North American market.
"This will enable the JV to become a valuable contributor in the liberalised market," Suresh added.
Lansing Olam Canada is expected to commence operations in July 2012.
Olam noted that the JV is not expected to have any material impact on its net tangible assets and earnings per share for the financial year ending 30 June 2012, and no directors or substantial shareholders of the company have any direct or indirect interest in the transaction.
