Cargill, ADM Launch Soybean Meal and Oil JV in EgyptCargill, ADM Launch Soybean Meal and Oil JV in Egypt
July 2, 2018
American agribusinesses Archer Daniels Midland (ADM) and Cargill are teaming up in a new joint venture that will serve customers in Egypt with soybean meal and oil, the companies announced in a press release Monday.
The new business, SoyVenTM, owns and runs the National Vegetable Oil Company soy crush facility in Borg Al-Arab, Egypt, where the capacity was recently doubled to 6000 MT/day. A Swiss entity also owned by SoyVen will supply soybeans for processing at the facility in Egypt.
“By bringing together the strengths and capabilities of both Cargill and ADM in Egypt, this joint venture is uniquely positioned to meet specific customer needs in the growing Egyptian market,” said Ahmet Ertürk, SoyVenTM’s chief executive officer, said in a statement. “The demand for high-quality soybean meal and for oil from both the food manufacturing and animal feed sectors continues to rise, and I’m confident customers will turn to SoyVen as the premier provider in Egypt.”
ADM and Cargill each possess a 50% interest in the firm. Ertürk will lead the firm as an independent business with offices in Cairo and Rolle, Switzerland and its operations in Borg-Al-Arab. Cargill and ADM said that their business activities in Egypt and the region will remain separate.
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