Malaysia's land development agency acquired U.S.-based Twin Rivers Technologies LLC Monday for 241.4 million ringgit (US$69 million; ¤51 million), marking its foray into the North American vegetable oils market, according to AP. Malaysia's Federal Land Development Authority, or Felda, signed an agreement to acquire 100 percent equity in Twin Rivers, which is the third largest manufacturer of fatty acids and biggest biodiesel producer in North America, national Bernama news agency said. «The acquisition will enable Felda to be a global leader in the (vegetable oils) industry,» Deputy Prime Minister Najib Razak was quoted as saying after witnessing the signing ceremony in the government administrative capital of Putrajaya. Established in 1994, Twin Rivers has plants in Massachusetts and in Cincinnati, and uses vegetable oils including palm oil for its products. Malaysia is the world's largest palm oil producer. Felda group managing director Mohamad Bakke Salleh expressed confidence in the venture as demand for palm oil in the United States has increased in the past two years, Bernama said. «The demand for edible oil is increasing and we are optimistic about the prospects in North America,» he said in the report. Najib and other government and Felda officials could not be immediately reached for further details.
