Archer Daniels Midland Company announced today that it has reached an agreement to sell its oilseeds operations in Bolivia to Inversiones Piuranas S.A.
The sale encompasses ADM’s processing facility in Santa Cruz de la Sierra, as well as nine grain silos and ADM’s Bolivian distribution business.
“We regularly review our portfolio, and the sale of our Bolivian Oilseeds operations is part of our long-term growth and transformation strategy,” said Greg Morris, president of ADM’s Oilseeds Processing business unit.
ADM’s oilseeds operations in Bolivia process soybeans and sunflower into oils and protein meal. ADM has approximately 400 employees in Bolivia.
The transaction, which is subject to regulatory approvals, is expected to close in the first half of 2018; until then, ADM will continue to operate its oilseeds business in Bolivia.
Recent reports reveal The Body Shop will shut up to half of its 198 stores in the UK and cut the size of its head office, incurring hundreds of job losses. According to the firm overseeing the restructuring of the beauty retailer, closures will begin this Tuesday.
Amidst brewing tensions, the US Federal Trade Commission (FTC) and a coalition of states are poised to take legal action as early as next week, aiming to prevent grocery giant Kroger’s $24.6 billion acquisition bid for Albertsons, Bloomberg reported.
The owner of Guinness and Baileys has hired financial service group Rothschild to explore the sale, which includes Pimm’s, fruit liqueur brand Safari and Pampero rum. Each brand could be offloaded individually or as a three, according to Sky News.