New milestone in Oleon’s global expansion with the acquisition of Azevedo

Belgium, October 1st, 2024 – Oleon, a subsidiary of Avril and a global leader in natural-based oleochemicals, has taken a significant step in its global expansion with the acquisition of the majority of shares, of A.Azevedo Óleos, a prominent Brazilian oleochemical company specialized in castor oil and its derivatives. This acquisition strengthens Oleon’s position in the rapidly growing South American market, particularly in Brazil, and aligns with its long-term strategy for sustainable growth.

“This acquisition is a pivotal moment for Oleon’s expansion into South America,” says Moussa Naciri, CEO of Oleon.

“With our strong presence in Europe and Asia, as well as our recent investment in the US, it was crucial to strengthen our foothold in the Brazilian market, where we see long term growth potential, especially in the fields of lubricants and personal care.”

 This is a decisive move in the history of A.Azevedo Óleos and I believe it will bring great benefits to all stakeholders involved in the Company and enhance its global positioning. It is an honour to partner with Oleon and build together a stronger future" said Andrés Morales, of the founding family, who will remain with the Company and will serve as CEO.

Strengthening global presence and sustainable growth

 The acquisition of A.Azevedo Óleos provides Oleon with a key strategic advantage in developing into the South American market, particularly Brazil, which offers substantial growth opportunities. By integrating A.Azevedo Óleos’s operations into its strong global network, Oleon is not only expanding into a new region but also enhancing its ability to serve its global customers more effectively. Leveraging A.Azevedo Óleos’s diversified product offerings, in particular the reputable castor oil derivatives, also enables Oleon to expand its portfolio and respond to the needs of multiple industries for high-end products made from sustainable raw materials.

Jean-Philippe Puig, CEO of Avril, emphasizes the importance of this acquisition for the broader group: “By diversifying our geographies, this operation fulfils one of the priorities of Avril's new strategic plan, “Ambition 2030”. By integrating A.Azevedo Óleos into our global operations, we reinforce our commitment to sustainable agriculture and renewable,

bio-based solutions. The ability to cultivate and source key raw materials locally supports both environmental responsibility and the well-being of rural communities, in perfect alignment with Avril’s Purpose, which is to Serve the Earth.”

Commitment to sustainable development

 Aligned with Avril’s mission to promote sustainable agriculture and industrial practices, this acquisition reinforces

Oleon’s dedication to environmental and social responsibility. A.Azevedo Óleos collaborates closely with local farmers to ensure sustainable castor seed farming practices, supporting Oleon’s drive for an agriculture that respects the planet. This local sourcing strategy not only provides important economic benefits to rural economies, particularly in Bahia where castor seed cultivation is a vital income source for communities, it also aligns with Oleon’s broader goals of supporting local development and protecting natural resources.

About Oleon

 Oleon, an Avril company, is a European leader in oleochemicals, transforming vegetable oils and animal fats into fatty acids, glycerin, dimers, esters and other specialties. These sustainable solutions are key ingredients used in many everyday products in markets as diverse as cosmetics, food and industrial. Being part of Avril, Oleon benefits from a strong upstream integration and furthermore focuses its strategy on innovation and sustainability. Headquartered in Ertvelde (Belgium) and with 7 production sites in Belgium, Germany, France, the United Kingdom, the United States and Malaysia, the company had a turnover of around 1 bn euros in 2023 and employs 1,200 people worldwide.

To find out more: oleon.com | Linkedin Oleon

About Avril

 5th largest agri-food group in France, Avril is the industrial and financial leader in the French vegetable oil and protein sector. Created by the agricultural world, the Group develops innovative, healthy and sustainable solutions to feed people and animals, and accelerate the decarbonization of the planet. Its purpose, Serving the Earth, guides its actions, in line with its ambition to become by 2030 the leader in plant transformation, serving the agricultural, food and environmental transitions. In addition to its historic role as an investor, the Group is now a manufacturer firmly rooted in plant processing, from seed to processed product. Active in human food, animal nutrition and expertise, renewable energies and green chemistry, it deploys a portfolio of activities that are all leaders in their markets. Strengthened by this link with the French farm, Avril has based its growth over the past 40 years on a unique value-creation model: it reinvests all its profits in the dynamics of the industry and its development in France and abroad. Present in 19 countries with nearly 7,500 employees at 69 industrial sites and sales offices, Avril achieved sales of 8 billion euros in 2023.

To find out more: avril.com | X @Avril_Eng | Linkedin Avril

About A.Azevedo Óleos

 Founded in 1965, A.Azevedo Óleos is a family-owned company and a key player in the niche castor industry in Brazil. The company is a recognized reference in the extraction, industrialization, commercialization, and distribution of multi-seed oleochemicals. A.Azevedo Óleos employs 250 people, with most working at its main plant in Itupeva, while its headquarters and distribution center are located in São Paulo.