ADM and Cargill finalise soybean JV in Egypt
Published by Claire Cuddihy,
Assistant Editor
Dry Bulk,
American food processing and commodities company Archer Daniels Midland Company (ADM) and American agriculture and food company Cargill have finalised their transaction and formally launched SoyVenTM their new joint venture (JV), which is to provide soybean meal and oil for customers in Egypt.
American food processing and commodities company Archer Daniels Midland Company (ADM) and American agriculture and food company Cargill have finalised their transaction and formally launched SoyVenTM their new joint venture (JV), which is to provide soybean meal and oil for customers in Egypt.
SoyVen owns and operates the National Vegetable Oil Company soy crush facility in Borg Al-Arab, along with related commercial and functional activities, including a separate Switzerland-based entity supplying soybeans to the Egypt crush plant. According to Cargill, the plant’s daily crush capacity has been doubled to 6000 t in order to meet increasing Egyptian demand for higher-protein soybean meal and for oil, reducing the need for imports.
The new company, which is to function as an independent entity, is to be headed by CEO, Ahmet Ertürk, who previously held global management positions in Cargill’s malt and grains and oilseeds businesses.
“By bringing together the strengths and capabilities of both Cargill and ADM in Egypt, this JV is uniquely positioned to meet specific customer needs in the growing Egyptian market”, said Ertürk.
“The demand for high-quality soybean meal and for oil from both the food manufacturing and animal feed sectors continues to rise and I’m confident customers will turn to SoyVen as the premier provider in Egypt.”
The JV consists of ADM and Cargill each holding a 50% interest, with the management team reporting to a board of directors appointed by the two parent companies.
The JV’s assets do not include Cargill’s grain business and port terminal in Dekheila, or the ADM-Medsofts JV at the Port of Alexandria. According to Cargill, each company will continue its separate business activities in the country and region.
SoyVen will have offices and operations in Cairo and Borg Al-Arab in Egypt, as well as offices in Rolle, Switzerland.
Read the article online at: https://www.drybulkmagazine.com/dry-bulk/02072018/adm-and-cargill-finalise-soybean-jv-in-egypt/
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