Headquartered in Curitiba in the southern state of Paraná, Granotec do Brazil manufactures functional ingredients for the bakery, beverage and dairy industry.
Its portfolio of products includes enzymes, emulsifiers, starches, and yeast.
The deal, which was announced yesterday (25 March), will transfer full ownership of Granotec do Brazil's production plant and R&D center, that currently employ around 120 individuals, to Corbion.
The Dutch supplier plans to expand its bakery business geographically and has identified Latin America as an area for strategic growth.
"We have seen a continued positive development of our business in Latin America, and this acquisition will provide us with a platform to serve our customers even better," said Corbion's CEO, Tjerk de Ruiter.
“Granotec do Brazil greatly complements Corbion's capabilities and geographical footprint to provide sustainable ingredient solutions in this region," he added.
Last year, Granotec do Brazil recorded sales of around US$26m and an EBITDA of US$3.7m. In the same year, Corbion In 2018, Corbion generated sales of €897.2m (US$1.02bn)
The acquisition, which must still be approved by regulatory bodies, is expected to be completed in the first half of 2019.