Plant-based foods and organic ingredients firm SunOpta Inc. is divesting from its Global Ingredients segment in a €330 million (about $389 million) transaction with Amsterdam Commodities N.V. (Acomo), the company announced Tuesday.

“This transaction further solidifies SunOpta’s future direction as a high-growth, plant-based company focused on providing value-added products in competitively advantaged categories with consistent, sustainable, above average growth characteristics,” Joe Ennen, CEO of SunOpta, said in a statement. “The long-term supply agreement negotiated as part of this transaction provides SunOpta with the benefit of a continued strategic relationship with a global ingredient player in Acomo.”

The executive also said the deal will bolster the company’s balance sheet and complements its existing platform for plant-based beverages.

Acomo will acquire SunOpta processing plants in Amsterdam, the Netherlands; Silistra, Bulgaria; Addis Ababa, Ethiopia; and Yirgalem, Ethiopia through the deal. 525 SunOpta workers at those facilities will remain in place under the new ownership.

The Global Ingredients business generated $488 million in net sales during the 12-month period that ended Sept. 26, 2020.

SunOpta and Acomo expect the sale to close this January pending the completion of customary closing conditions.