MUMBAI and NOIDA, India, Dec. 21,
2011 /PRNewswire/ -- Bunge India Private Limited, a wholly
owned subsidiary of Bunge Limited (NYSE: BG) ("Bunge India") and
Amrit Banaspati Company Limited ("Amrit Banaspati") today announced
that Bunge India has entered into definitive agreements with Amrit
Banaspati and Amrit Corp. Limited ("Amrit Corp") to acquire the
edible oils and fats business of Amrit Banaspati.
The acquisition includes Amrit Banaspati's manufacturing
facility at Rajpura in the state of Punjab, rights to its brands
and trademarks, its sales and distribution business and the
transfer of employees pertaining to its edible oils and fats
business to Bunge India. Bunge India would also acquire rights to
GAGAN, the vanaspati brand held by Amrit Corp which is currently
licensed to Amrit Banaspati.
The transaction, which is subject to approval by shareholders of
Amrit Banaspati and Amrit Corp, has been unanimously approved and
recommended by the Boards of Directors of both companies. The
transaction is also subject to regulatory approvals and other
customary closing conditions.
Christopher White, CEO, Bunge
Asia, said, "This acquisition underscores Bunge's long-term
commitment to growing our consumer food business in India. It
enables us to expand our distribution reach, manufacturing base and
brand portfolio to serve a growing customer base."
Adhiraj Sarin, Managing Director,
Bunge India, added, "AMRIT, GAGAN and GINNI are trusted names
associated with preparing tasty food, and we intend to build on
their strong brand heritage. These brands, coupled with capable
employees and a strong distribution network, open up opportunities
for synergistic collaboration with Bunge India, creating
incremental value for the combined operations. The addition of this
business, along with our commitment to quality, food safety,
innovation, risk management and efficiency through our global
supply chain, will position Bunge well to be a long-term industry
leader."
N. K. Bajaj, Chairman and
Managing Director, Amrit Banaspati,
said, "The Board of Directors has approved Bunge's offer and will
also recommend an appropriate dividend to shareholders from
proceeds of the sale. Bunge is a respected name in both the
Indian and global markets. It is known for its high quality
products, and I'm very happy that the products and brands of our
company, which have gained a reputation for quality and service
over the past decades, will continue to serve our valued consumers
in the capable hands of Bunge. Subsequent to the transaction,
Amrit Banaspati will continue to operate a commodities trading
division and will explore venturing into real estate and other
promising business opportunities."
About Bunge India Private Limited
Bunge India Private Limited, a wholly owned subsidiary of
Bunge Limited (NYSE: BG), originates, refines and markets a wide
range of edible oils and fats to serve the needs of food
manufacturers, food service companies and consumers across
India. Its consumer brands in
India are DALDA, MASTERLINE and
CHAMBAL.
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.
About Amrit Banaspati Company Limited
Amrit Banaspati, listed on the Bombay stock exchange, is a leading
North India-based edible oils and
fats company with a storied history spanning seven decades.
Its manufacturing plant in the state of Punjab includes equipment
and facilities for refining crude edible oils, palm oil
fractionation, hydrogenation, margarine production and packaging.
Its portfolio of brands in bakery fats, vanaspati and refined oils
includes AMRIT, BANSARI, GINNI, MERRIGOLD and SUNEHRI TEER, among
others. It also manufactures the popular brand of GAGAN vanaspati
under license from its associate company Amrit Corp Limited.
About Amrit Corp. Limited
Amrit Corp, listed on the Bombay stock exchange, is the flagship company
of the Amrit Group and was established in 1940. Its present
businesses consist of a dairy milk business that is engaged in the
food service sector with a unique set of UHT milk products, and a
real estate division. It is also the owner of the brand GAGAN,
which it has licensed to Amrit Banaspati Company Limited.
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 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 Limited