Large-scale US grain merchants Cargill and Archer Daniels Midland Co. (ADM) have reached a deal to swap a number of their grain elevators in the US Midwest, according to a report published by Reuters.
Both companies, among the largest grain merchants in the world, said the swap would increase efficiency and fit both companies’ long-term strategies,
Expected to close later this summer, the deal includes the sale of Cargill’s Mount Vernon and Evansville, Indiana, elevators on the Ohio River to ADM. In return, ADM is set to sell its Beardstown, Naples and Keithsburg, Illinois, elevators along the Illinois River to Cargill.
Following a global glut of grain, ADM and Cargill have been cutting costs and restructuring operations in recent years. The deals would effectively reduce the number of buyers competing for farmers’ crops in some areas.
ADM and Cargill did not release financial terms of the deal.
By Bryony Andrews
The Coca-Cola Co. has promoted Evguenia (Jeny) Stoichkova to president of global ventures, effective Jan. 1, 2023. Ms. Stoichkova joined Coca-Cola Bulgaria in 2004 and was most recently the president of the company’s Eurasia & Middle East division, a role she has held since 2021.
US-based Perfect Day, is partnering with Onego Bio, which specializes in creating animal-free eggs, aiming to accelerate the timeline to bring the eggs to the market. The business, with the use of its technology, plans to commercialize animal-free ovalbumin, the most abundant egg white protein extracted through precision fermentation.
Food waste costs the EU €143 billion per year (US$141.7 billion), with a report by Feedback EU raising the alarm of how it’s vital to reduce waste from farm to fork 50% by 2030 and the only way this will be achieved is by enforcing a mandatory directive forcing the food industry to do better and retailers to pay a tax of food waste.