WHITE PLAINS, N.Y.,
Nov. 1, 2011 /PRNewswire/ -- Bunge
Agribusiness Singapore Pte. Ltd, a wholly owned subsidiary of Bunge
Limited (NYSE: BG), today announced that it intends to form a joint
venture with PT Bumiraya Investindo ("BRI"), the Indonesian palm
plantation subsidiary of PT Tiga Pilar Sejahtera Food Tbk ("TPS
Food"). This would be Bunge's first investment in the palm
oil industry.
Under the terms of the agreement with TPS Food, Bunge
Agribusiness Singapore Pte. Ltd would acquire a 35% minority stake
in BRI. The transaction is subject to approval by TPS Food
shareholders and regulatory approvals in Indonesia.
Christopher White, CEO, Bunge
Asia, stated, "Our investment in BRI represents a first step in
building an upstream presence in palm oil. It is a natural
fit, through which we can leverage our core capabilities and
experience in a complementary value chain that represents over 30%
of the world's total vegetable oil production."
TPS Food, listed on the Indonesia Stock Exchange, is a leading
food company in Indonesia. In the
last two years the company entered palm production as well as rice
processing and distribution.
BRI owns land banks in Sumatra
and Kalimantan and operates four
plantations in Kalimantan.
It is also constructing a crude palm oil mill in Kalimantan. Preliminary satellite
analysis shows that BRI's land banks do not contain primary
forest.
About Bunge Asia
Bunge Asia, the Asia-Pacific
operating arm of Bunge Limited (NYSE: BG), supplies agricultural
commodities and products such as protein meals, vegetable oils,
grains and sugar to customers in the livestock and food industries.
Bunge Asia also sells branded food products in China and India. With headquarters in Singapore, Bunge Asia currently operates in
China, India, Southeast
Asia and Australia.
About Bunge Limited
Bunge Limited (www.bunge.com, NYSE: BG) is a leading global
agribusiness and food company with approximately 32,000 employees
in more than 30 countries. Bunge buys, sells, stores and
transports oilseeds and grains to serve customers worldwide;
processes oilseeds to make protein meal for animal feed and edible
oil products for commercial customers and consumers; produces sugar
and ethanol from sugarcane; mills wheat and corn to make
ingredients used by food companies; and sells fertilizer in North
and South America. Founded
in 1818, the company is headquartered in White Plains, New York.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains both historical and forward-looking
statements. All statements, other than statements of historical
fact are, or may be deemed to be, forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are not based on
historical facts, but rather reflect our current expectations and
projections about our future results, performance, prospects and
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"estimate," "continue" and similar expressions. These
forward-looking statements are subject to a number of risks,
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forward-looking statements. The following important factors, among
others, could affect our business and financial performance:
industry conditions, including fluctuations in supply, demand and
prices for agricultural commodities and other raw materials and
products used in our business; fluctuations in energy and freight
costs and competitive developments in our industries; the effects
of weather conditions and the outbreak of crop and animal disease
on our business; global and regional agricultural, economic,
financial and commodities market, political, social and health
conditions; the outcome of pending regulatory and legal
proceedings; our ability to complete, integrate and benefit from
acquisitions, dispositions, joint ventures and strategic alliances;
our ability to achieve the efficiencies, savings and other benefits
anticipated from our cost reduction, margin improvement and other
business optimization initiatives; changes in government policies,
laws and regulations affecting our business, including agricultural
and trade policies, tax regulations and biofuels legislation; and
other factors affecting our business generally. The forward-looking
statements included in this release are made only as of the date of
this release, and except as otherwise required by federal
securities law, we do not have any obligation to publicly update or
revise any forward-looking statements to reflect subsequent events
or circumstances.
SOURCE Bunge Limited