KARLSHAMN, SWEDEN — AAK completed its acquisition of California Oils Corp., a vegetable oils company in Richmond, Calif., from Mitsubishi Corp., Tokyo, on Aug. 31. California Oils, also known as CalOils, last year had revenues of about SEK 1,350 million ($158 million) and volume of about 110,000 tonnes. The company employs 65 people.
AAK, Malmo, Sweden, now has four production sites in the United States with the other sites being in Edison and Port Newark, N.J.; and Louisville, Ky. The company will consolidate CalOils into business areas Food Ingredients and Chocolate & Confectionery Fats.AAK first announced the deal on July 15. Acquisition-related costs will be charged to the third quarter of 2016. Acquisition cost is estimated to be about SEK 15 million. CalOils should start contributing to AAK’s operating profit from the third quarter of 2017.