American agribusiness Archer Daniels Midland Company (ADM) plans to sell its Bolvian oilseeds business to Inversiones Piuranas S.A., including its processing facility in Santa Cruz de la Sierra, nine grain silos, and ADM’s distrubtion business in the country, the Chicago-based firm announced Monday.
“We regularly review our portfolio, and the sale of our Bolivian oilseeds operations is part of our long-term growth and transformation strategy,” said Greg Morris, president of the U.S. company’s Oilseeds Processing unit, in a statement.
Currently employing about 400 in the country, ADM did not provide information on the impacts of the move on its workers. The operations in Bolivia process sunflowers and soybeans into oils and protein meal.
The sale is subject to regulatory approvals and is expected to reach completion in the first half of next year.