Malaysia's land agency acquires US bio-diesel firm
Tuesday, 28 August 2007
KUALA LUMPUR, Aug 27 (AFP): Malaysia's land development agency has acquired the entire equity interest in US-based Twin Rivers Technologies, one of North America's largest bio-diesel manufacturers, local media said today.
The Federal Land Development Authority (Felda) made the 241.4 million ringgit (70 million dollar) deal to try and penetrate the lucrative North American vegetable oils market, Malaysian news agency Bernama reported.
"The acquisition will enable Felda to be a leader in the vegetable oils industry," Malaysia's Deputy Prime Minister Najib Razak told reporters.
Malaysia, the world's largest producer of crude palm oil, has said it aims to become the world's top producer of bio-diesel as demand soars.
Bernama news agency said Twin Rivers was the third largest manufacturer of fatty acids in North America, and used vegetable oils including palm oil for its products.
The Federal Land Development Authority (Felda) made the 241.4 million ringgit (70 million dollar) deal to try and penetrate the lucrative North American vegetable oils market, Malaysian news agency Bernama reported.
"The acquisition will enable Felda to be a leader in the vegetable oils industry," Malaysia's Deputy Prime Minister Najib Razak told reporters.
Malaysia, the world's largest producer of crude palm oil, has said it aims to become the world's top producer of bio-diesel as demand soars.
Bernama news agency said Twin Rivers was the third largest manufacturer of fatty acids in North America, and used vegetable oils including palm oil for its products.