Bunge Ltd. (NYSE: BG) has agreed to buy a 70 percent stake in oils maker IOI Loders Croklaan from IOI Corporation Berhad for $946 million. The target will keep the remaining 30 percent.

Loders, headquartered in Wormerveer, Netherlands makes tropical and palm oils that are used in baked goods and other food products. The target expects to generate around $105 million in Ebitda in 2018.

Bunge CEO Soren Schroder says the transaction "delivers on our stated objective to expand our value-added business by accelerating our growth in B2B semi-specialty and specialty oils." The acquisition will also expand Bunge's presence in Asia where Loders has operations. JP Morgan Chase & Co. (NYSE: JPM) and Shearman & Sterling are advising Bunge.

Bunge, based in White Plains, New York, produces grains and fertilizers for the agriculture sector. The company also makes margarines, liquid butter alternatives and pan sprays for food manufacturers and restaurants. Earlier in 2017, Bunge acquired Turkish olive oil maker Ana Gida.

In other food ingredient deals, Jordan Co.-backed Vantage Specialty purchased Mallet; Platinum Equity purchased JM Swank from Conagara Brands Inc. (NYSE: CAG); and SK Capital acquired a majority stake in Niacet.