Bunge and TRT-ETGO Form Joint Venture in Canada
December 12 2011 - 6:01AM
PR Newswire (Canada)
ST. LOUIS, Dec. 12, 2011 /CNW/ - Bunge North America, the
North American operating arm of Bunge Limited , announced that it
has created a joint venture company with Twin Rivers Technologies
Enterprises de Transformation de Graines Oleagineuses du Quebec
Inc. (TRT-ETGO), a subsidiary of Felda Global Ventures Holdings Sdn
Bhd of Malaysia. The joint venture, Bunge ETGO L.P., will
combine the commercial activities related to the crushing and
refining operations of Bunge's Hamilton, Ontario plant and
TRT-ETGO's plant located in Becancour, Quebec. "This joint venture
creates an organization that can more effectively serve the growing
demand for canola and soybean meal and oil in the domestic and
export markets," said Rick Watson, Bunge's country manager in
Canada. "Managing the commercial aspects of both facilities
as a single company provides a number of efficiencies, reducing the
overall cost of running both facilities." The combined crush
capacity of Bunge ETGO is two million tons per year. Both
plants are able to crush either canola seed or soybeans.
While Bunge and TRT-ETGO will continue to own and operate their
respective facilities, the joint venture will be responsible for
all commercial aspects of the business including oilseed
procurement, product sales and risk management. "We are excited to
combine our commercial activities with Bunge. Bunge ETGO will
honor all open contracts and the new commercial team looks forward
to providing new marketing opportunities for customers," said Wira
Adam, acting CEO of TRT-ETGO. "While the new commercial team
includes employees from both companies, TRT-ETGO will be closing
its trading office in Montreal and relocating a few employees to
Becancour or the joint venture's office in Oakville, Ontario."
Financial terms of the transaction are not being disclosed.
About Bunge North AmericaBunge North America
(www.bungenorthamerica.com), the North American operating arm of
Bunge Limited , is a vertically integrated food and feed ingredient
company, supplying raw and processed agricultural commodities and
specialized food ingredients to a wide range of customers in the
livestock, poultry, food processor, foodservice and bakery
industries. With headquarters in St. Louis, Missouri, Bunge
North America and its subsidiaries operate grain elevators, oilseed
processing plants, edible oil refineries and packaging facilities,
and corn dry mills in the U.S., Canada and Mexico. About Bunge
LimitedBunge Limited 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 StatementsThis 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 opportunities. We have
tried to identify these forward-looking statements by using words
including "may," "will," "should," "could," "expect," "anticipate,"
"believe," "plan," "intend," "estimate," "continue" and similar
expressions. These forward-looking statements are subject to a
number of risks, uncertainties and other factors that could cause
our actual results, performance, prospects or opportunities to
differ materially from those expressed in, or implied by, these
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 North America Bunge North
America CONTACT: Public Affairs, +1-314-292-2000, Fax:
+1-314-292-2521
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