OLAM LAUNCHES NEW WHEAT MILLING FACILITY IN GHANA

 

OLAM Launch- President Mills with Sunny during the Tour of the Facility
OLAM Launch- President Mills with Sunny during the Tour of the Facility

Accra, February 24, 2012 – Olam International Limited, a leading global integrated supply chain manager and processor of agricultural products and food ingredients, today unveiled the latest development in its grains supply chain in West Africa,  a fully functional state-of-the-art wheat milling facility in Ghana which sets new standards for people development and food safety in the region. This investment signifies Olam’s continued support for the country where it is a leading player in the cocoa, cashew, rice, sugar, tomato paste and palm oil supply chains.

 

“Today marks another milestone in our goal to become a major wheat miller in Sub-Saharan Africa, as we consolidate our West Africa expansion into the midmarket grain supply chain here in Ghana. This investment will enable us to unlock mutual value by capitalising on the increasing demand for flour-based products here on the continent whilst extending our lasting partnership with the people and the government of the country. We are grateful to His Excellency President John Evans Atta Mills for officially opening this facility today,” said Sunny Verghese, Chief Executive Officer of Olam International.

 

“We believe this new wheat milling facility will contribute significantly to Ghana’s food security plans, create employment and generate no less than 20 million Ghana Cedis (US$12 million) every year as government revenue through taxes and duties,” Mr. Verghese added.

 

Attending and presenting the opening speech at the inauguration of the wheat milling facility in Tema, Ghana, President H. E. Professor John Evans Atta Mills said: “Olam’s deep involvement and commitment to seeing our agriculture grow for the strengthening of the Ghanaian economy is commendable. Clearly, the commissioning of this wheat mill facility will send positive signals to other companies which want to invest in the Ghanaian economy. It’s a signal that indeed we have provided an enabling environment; the kind of environment which will ensure that investors get good returns on their investments. I want to assure Olam that we will continue to maintain this conducive environment for industrial growth. On this occasion I think it is only fitting and proper to convey to the management of Olam, the government’s congratulations on this achievement.  May this company grow from strength to strength and may all who patronize the facility.”

 

Olam has worldwide experience of using innovative solutions and responsible practices to contribute to profitable growth in an ethical, socially responsible and environmentally sustainable manner. Through a focused recruitment programme, Olam has built a management team with the skills to operate the business to the highest international standards. The recruits will engage in a comprehensive training programme to continue to deliver these standards.

 

As well as creating direct employment for Ghanaians, the new initiative will bring benefits for farmers in Olam’s supply chain through comprehensive training programmes and ongoing Corporate Responsibility & Sustainability (CRS) initiatives, including soft loans to cashew farmers, higher margins to farmers, building community centres, cotton yield improvement training, best farming practices, and certification programmes with Rainforest Alliance in Cocoa (in Kakum forest and Juaboso) impacting 3,000 farmers.

 

Olam has decided to adopt the British Retail Consortium – Global Standard for Food Safety Issue 6 in the new wheat milling facility, setting out the requirements for the manufacture of processed foods and the preparation of primary products supplied as retailer branded products, branded food products and food or ingredients for use by food service companies, catering companies and food manufacturers.

 

Based in the Kpone Industrial Area in Tema, the new wheat milling facility, has eight large silos for the storage of the wheat, two warehouses, spacious loading grounds, a lab and the factory itself and will achieve annual flour production of 115,000 metric tonnes within three years, which would make it Ghana’s third largest flour mill.

OLAM Launch- Sunny presenting President Mills a gift
OLAM Launch- Sunny presenting President Mills a gift

 

OLAM Launch- President Mills shaking Sunny
OLAM Launch- President Mills shaking Sunny

 

OLAM Launch - Sunny Verghese, Global CEO, OLAM
OLAM Launch - Sunny Verghese, Global CEO, OLAM

 

OLAM Launch - Minister of Trade and Industry, Hannah Tetteh
OLAM Launch - Minister of Trade and Industry, Hannah Tetteh

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About Olam Ghana

 

Olam Ghana is a wholly owned subsidiary of Olam International.  Established in 1994, Olam Ghana’s operations have since grown, making it one of the leading agro-commodity companies in Ghana today. Along with the distinction of being among the largest private Licensed Buying Companies (LBC) in Ghana’s Cocoa sector, it is also one of the country’s leading cashew exporters and one of its largest importers of rice, sugar, tomato paste and palm oil.

 

Olam Ghana employs approximately 340 permanent staff across its head office in Accra and regional offices in Tema, Kumasi, Takoradi, Tamale, Sampa, Tumu and Wa. Ghana is also home to some of its other regional and Africa offices. Through this network, the company manages an integrated supply chain that creates value and manages risk for customers from origination and processing, to logistics, marketing and distribution.

 

 

About Olam Grains

 

Olam International started as a grains originator, marketer and processor in 2008. Today, it focuses mainly on wheat but is slowly building up its grains portfolio by including other grain products such as maize, barley, sorghum, rye, flaxseed, chickpeas and soybean meal. Olam Grains’ growth strategy has been to develop supply chain competencies in relatively new origins and niche destination markets.

 

About Olam International Limited

 

Olam International is a leading global integrated supply chain manager and processor of agricultural products and food ingredients, sourcing 20 products with a direct presence in 65 countries and supplying them to over 11,600 customers. With direct sourcing and processing in most major producing countries for its various products, Olam has built a global leadership position in many of its businesses, including cocoa, coffee, cashew, sesame, rice, cotton and wood products. Headquartered in Singapore and listed on the SGX-ST on February 11, 2005, Olam currently ranks among the top 40 largest listed companies in Singapore in terms of market capitalisation and is a component stock in the Straits Times Index (STI), MSCI Singapore Free, S&P Agribusiness Index and the DAXglobal Agribusiness Index. Olam is the only Singapore firm to be named in the 2009 and 2010 Forbes Asia Fabulous 50, an annual list of 50 big-cap and most profitable firms in the region. It is also the first and only Singapore company to be named in the 2009 lists for the Global Top Companies for Leaders and the Top Companies for Leaders in the Asia Pacific region by Hewitt Associates, the RBL Group and Fortune. More information on Olam can be found at www.olamonline.com.

 

Olam International Corporate Responsibility & Sustainability (CRS)

 

Olam International’s sustainability initiatives are closely aligned with the core business and aim to make a meaningful impact on the countries and communities in which the company operates. Olam has 110 CRS programmes across 30 countries which impact the lives of 1.5 million farmers through income generation, food security, local infrastructure development, health awareness and primary education programmes.

 

In May 2011 Olam launched the Livelihood Charter – a framework to improve the economic, social and environmental welfare of small-scale farmers and their communities, based on a set of 8 Principles, one of which takes into account the Environmental Impact of farming activities.

 

For further information on Olam’s CRS activities, please follow the link below:

http://www.olamonline.com/

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