The new product targets households seeking natural and traditional cooking options.
The government is urging farmers to grow sunflower and soybean to reduce heavy spending on imported food and oils.
The country aims to cut fuel imports as global oil prices rise.
The acquisition will create by far the largest olive oil producer and seller in the United States by revenue, more than doubling Cobram Estate’s California footprint.
The company plans wider distribution and stronger marketing as it works to grow beyond its core regions.