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Bunge to Part Ways with 35 Grain Elevators in US
April 22, 2020
3 Min Read
Bunge plans to sell 35 grain elevators in the US to a Japanese firm. Image courtesy of Pixabay
American agribusiness Bunge has entered into an agreement to shed 35 of its grain elevators in the United States to Japanese firm Zen-Noh Grain Corporation, a company press release announced Tuesday. The deal will allow Bunge to reinvest the funds in areas of its operations that are more profitable.
“Bunge will continue to be an industry leader in the US grain marketplace through global grain trading and distribution with our export terminals in Destrehan, LA, which we are expanding, and EGT, our joint venture in the Pacific Northwest,” Bunge Chief Executive Officer Greg Heckman said in a statement. “We will also continue our strong presence in the soybean processing business and milling operations.”
The company will hold on to its interest in the Bunge-SCF Grain joint venture and grain elevators in Indiana that support its soybean processing plant in Morristown, IN.
Supply agreements with Zen-Noh will also provide Bunge with a “larger and stronger” origination and distribution network, the company said in the release.
Regulatory clearances and other closing conditions must be met before the deal can close.
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