Cargill Inc is to sell two oilseed crushing plants in western Europe to Bunge with a combined annual crushing capacity of about 2 million tons, the agricultural commodity traders said on Friday.
The planned sale covers a plant in the port of Amsterdam in the Netherlands, along with some related port terminal assets, and a facility at the French port of Brest, the companies said in a joint statement.
Financial details were not disclosed.
Reuters reported in May that Cargill was in talks to sell the two sites and that Bunge was interested in acquiring them.
“The assets are highly complementary to Bunge’s existing soy processing operations in Europe, and will allow Bunge to further expand its global oilseed processing footprint into key Northern European destinations,” the statement said.
“Cargill will retain its two other soybean processing facilities in Western Europe, in the ports of Barcelona in Spain and Liverpool in the United Kingdom, as these plants are firmly integrated with a number of Cargill’s other businesses.”
Privately held Cargill launched restructuring last year, as global trading houses came under pressure from falling commodity prices and slowing demand in emerging markets.
By Gus Trompiz
A new technology that speeds up bacterial testing in food is showing promise to “revolutionize” the process of testing bacterial viability in food, according to Japan-based scientists who discovered the breakthrough in food safety. The technique can reportedly verify food safety before shipment from factories and prevent food poisoning.
Heineken Mexico plans to invest €430 million in the establishment of a new brewery in Yucatán, aiming to expand sustainable brewing practices and foster community growth. Construction will take place in the Kanasín municipality, marking the company’s inaugural brewery in southeastern Mexico.
Keurig Dr Pepper (KDP) has appointed former Mondelēz International executive Tim Cofer as its new chief operating officer, with plans for Cofer to succeed current CEO Bob Gamgort in the second quarter of 2024. Cofer, who will join KDP on 6 November, will work closely with Gamgort while in the capacity of COO.