PARIS Jan 4 Agricultural commodity trading
group ED&F Man has acquired Maviga Plc, a British firm
specialising in pulses, as it targets rising demand for protein
crops for use in food, the companies said on Wednesday.
Maviga sources and ships around 250,000 tons of bagged and
bulk products annually, including dried edible pulses and other
niche crops like sesame seeds. It generated sales of over $300
million in 2015 and a pretax profit of $8 million.
Financial details of the transaction were not disclosed.
"The global market for edible pulses is growing rapidly,"
Philip Howell, ED&F Man's chief executive, said in a joint
statement by the two companies.
"It is estimated that the world's population will be 9
billion by 2050; this will place an even greater reliance on
Privately owned, British-based ED&F Man's activities include
a large sugar and coffee trading business as well as financial
and brokerage services.
(Reporting by Gus Trompiz; Editing by Susan Fenton)