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Olam to sell off rubber, sugar, wood products, fertilizer business

CEO cites changing consumer values and government policy for strategic shift

Sunny Verghese, co-founder and CEO of Olam, speaks at a media briefing in Singapore on Jan. 25.

SINGAPORE -- Singapore-based commodity trader Olam International announced plans to sell off its rubber, sugar, wood products and fertilizer businesses as part of its 2019 to 2024 business plan meant to streamline its portfolio.

The divestments, which will take place over the next six years, are expected to free up around $1.6 billion in cash for new investments. As part of the six year plan, the commodity trader said it will pump in $3.5 billion into 12 business segments, including edible oil, cocoa and spices.

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