Noble Group has completed a transaction to purchase, as a going concern, substantially all of the major assets and business of Finora Canada, a significant Canada-based supplier and processor of pulses. Pulses are the bean group of legumes and are primarily consumed in countries such as India, Pakistan, and other parts of the sub-continent as an alternative to meat-based sources of protein. Finora previously operated as a wholly-owned subsidiary of Archers Daniels Midland (ADM) and has global sales in excess of US$100mn. The purchase is expected to be accretive to earnings.

Noble has a market share in excess of 5% of the total global trade of pulses and views the acquisition as an attractive opportunity to vertically integrate and also as a platform to broaden areas of cooperation with ADM. Half of the word’s crop of pulses are imported by countries in Southeast/and near East Asia, areas where Noble has a particularly strong market presence.

Richard Elman, CEO of Noble, says: “In this transaction we have linked a western producer of a commodity that has its primary growing base of demand in countries in the East where Noble is strong. I view this acquisition as a perfect example of the type of synergies we will focus on for continued expansion”.