When Apple buys Macys palm-farming company

A lot of Macys own-brand products are still sold in the US, and a lot of Apple products are made there too.

Apple buys Macs from Palm, but the Palm deal is the largest yet.

In a deal worth about $2 billion, Apple buys the palm-financing company for $1.5 billion, in what is expected to be one of the biggest acquisition deals in the history of the world’s largest tech company.

Apple’s acquisition of Palm, the biggest of its kind, will help expand its palm-fueled palm oil production, which is increasingly being used in the world food chain.

The acquisition comes at a time when Apple is seeking to shift away from its reliance on palm oil, which accounts for about 70% of its revenue, to its organic-food products, including its new Macys Palm brand.

The acquisition of the palm company comes just months after Apple CEO Tim Cook said the company will start using palm oil in its Macs and iPads, although the timing of the announcement has not been determined.

Palm will be spun out of Macs in 2021The new deal is worth about US$2.6 billion, and is expected by analysts to bring Macys total profit to about US $11.3 billion.

The Macys brand is expected earn about $7.5 to $8.5 million per year.

Apple is expected not to disclose financial details of the Macys deal until the transaction is finalised, but Macys spokesman Jeff McBride told Reuters that the deal is expected in 2021.

The deal will create new jobs at Palm, McBride said, adding that the company’s new products will be made using the palm oil it purchases from Palm.

Apple said it is investing US$5 billion to support the palm industry, including a $1 billion grant to help local growers expand their business.

“The acquisition brings together an iconic brand and an industry-leading palm oil company, as well as a growing list of local growers who are ready to tap into the benefits of palm oil,” Apple said in a statement.

Palm has been in the spotlight for its use of a pesticide that was banned by the European Union, and for its support of the oil palm industry.

An Apple spokeswoman did not respond to a request for comment.


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