Global agribusiness and food company Bunge completed its acquisition of a controlling 70% ownership interest in speciality oil firm IOI Loders Croklaan from Malaysia’s IOI Corp Berhad on 1 March.

The US$946M deal, first announced in September 2017, would transform Bunge into a global leader in business-to-business (B2B) solutions with expanded value-added capabilities, the company said in a statement.

With Loders under its wing, Bunge would be able to serve B2B customers in food processing, industrial and artisanal bakery, confectionery, human nutrition and food service applications.

Loders would change its full name to Bunge Loders Croklaan and operate under Bunge’s Food & Ingredients business.

“This is a transformational acquisition that increases our value-added food and ingredients activities to the 30-40% share of our portfolio we’ve targeted,” said Bunge CEO Soren Schroder.

“With a comprehensive product offering derived from seed and tropical oils, leading innovation and application capabilities, and world-class sustainability programmes, Bunge Loders Croklaan will be the first choice for global edible oils customers seeking to innovate and grow,” he added.

Bunge expected Loders to generate US$105M of full-year EBITDA in 2018 in addition to US$15M in synergies.

Loders was an established player in the US$33bn semi-speciality and speciality business-to-business oil market with a full range of palm and tropical oil-derived products and a focus on confectionery, bakery and infant nutrition applications, Bunge said last September.