Olam Food Ingredients, through its subsidiary Olam Americas, has acquired US-based chile pepper business (CPB), Mizkan America for US$108.5 million ($144.0 million).

This includes an estimated net working capital of US$55.0 million, subject to net working capital adjustment at closing.

The move comes as Olam Food Ingredients seeks to meet the rising demand for bold, authentic flavours by expanding its Spices portfolio (Olam Spices), says the group in a statement on Dec 21.

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