May 20, 2020

Fuji Oil set to acquire Blommer Chocolate

Manufacturing
Mergers and acquisitions
Fuji Oil Holdings
Blommer Chocolate Company
2 min
Fuji Oil set to acquire Blommer Chocolate

Japanese plant-based food manufacturer Fuji Oil is set to acquire American cocoa and chocolate firm Blommer Chocolate for an undisclosed amount

Bloomberg reported in August that Blommer’s owners were eyeing a sale that would value the company at about US$500mn, and stated in October that top contenders for the acquisition were Fuji Oil and Singapore-based Olam International.

In a statement announcing the deal, Blommer said the sale included the entirety of its business entities, comprising its four manufacturing facilities in North America and one in Shanghai.

“This is a landmark event in the proud history of Blommer Chocolate Company and begins an exciting new chapter as we look forward to joining a highly respected global leader in Fuji Oil,” said CEO Peter Blommer in the company’s press release.

“Our companies share common values and a deep commitment to product quality, innovation and customer service. With our combined expertise in chocolate and fats and oils, both rooted in product and process innovation, we have the opportunity to create a broad global footprint from which to serve our customers and drive growth.”

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Peter Blommer will continue to lead the company following completion of the acquisition in 30 to 60 days.

President and CEO of Fuji Oil added:

“In our industrial chocolate business we are a leader in Asia and have expanded our presence in Europe and South America. 

“By partnering with Blommer we are convinced that the combination of our knowhow and operations in our respective regions will provide significant opportunities and choices for our customers.”

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Jun 7, 2021

Business Chief Legend: Ho Ching, CEO of Temasek

hoching
legend
singapore
Temasek
3 min
Singaporean Ho Ching created the largest listed defence engineering company in Asia, before leading Singapore’s sovereign wealth fund to global success

Ask Singaporeans who Ho Ching is, and the majority will answer the ‘wife of Prime Minister Lee Hsien Loong’. And that’s certainly true. However, she’s also the CEO of Temasek Holdings, Singapore’s sovereign wealth fund, and one of the world’s largest investment companies.

Well, she is until October 1, 2021, as she recently announced she would be retiring following 16 years as CEO of the investment giant.

Since taking the reins in 2004, two years after joining Temasek as Executive Director, Ho has gradually transformed what was an investment firm wholly owned by Singapore’s Government into an active investor worldwide, splashing out on sectors like life sciences and tech, expanding its physical footprint with 11 offices worldwide (from London to Mumbai to San Francisco) and delivering growth of US$120 billion between 2010-2020.

Described by Temasek chairman Lim Boon Heng as having taken “bold steps to open new pathways in finding the character of the organisations”, Ho is credited with building Temasek’s international portfolio, with China recently surpassing Singapore for the first time.

As global a footprint as Ho may have however, she has her feet firmly planted on Singapore soil and is committed to this tiny city-state where she was not only educated (excluding a year at Stanford) but has remained throughout her long and illustrious career – first as an engineer at the Ministry of Defence in 1976, where she met her husband, and most notably as CEO of Singapore Technologies, where she spent a decade, and where she is credited with repositioning and growing the group into the largest listed defence engineering company in Asia.

It’s little wonder Ho has featured on Forbes’ annual World’s Most Powerful Women list for the past 16 years, in 2007 as the third most powerful woman in business outside the US, and in 2020 at #30 worldwide.

But it’s not all business. Ho has a strong track record in Singapore public service, serving as chairman of the Singapore Institute of Standards and Industrial Research and as deputy chairman of the Economic Development Board; and is a committed philanthropist with a focus on learning difficulties and healthcare.

As the pandemic kicked off, she not only led active investments in technology and life sciences, with German COVID-19 vaccine developer BioNTech among the most recent additions to Temasek’s portfolio, but through the Temasek Foundation – the firm’s philanthropic arm which supports vulnerable groups close to Ho’s heart, handed out hand sanitiser and face masks.

So, you would be forgiven for thinking that at age 68, Ho might simply relax. But in March 2021, just as she announced her retirement from Temasek, Ho joined the Board of Directors of Wellcome Leap, a US-based non-profit organisation that’s dedicated to accelerating innovations in global health. Not ready to put her firmly grounded feet up yet it seems.

 

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