EUROPE: ADM, Wilmar form veg oils, fats JV
- ADM, Wilmar form veg oils, fats JV in Europe
Agribusiness giants Archer Daniels Midland and Wilmar International have set up a venture to sell and market vegetable fats and oils in Europe.
The venture was announced alongside two other partnerships on global fertilizer and on ocean freight.
ADM and Wilmar first teamed up in the 1990s with a series of soybean processing operations in China. ADM owns a 16% stake in Wilmar.
"Given our long association with ADM in Asia, we are confident of the efficiencies that these new global partnerships will bring to our businesses," Wilmar chairman Kuok Khoon Hong said.
ADM and Wilmar Receive Approval for Partnerships in Fertilizer, Ocean Freight and Vegetable Oil
ROLLE, Switzerland, Oct. 18, 2012 – Archer Daniels Midland Company (NYSE: ADM) and Wilmar International Limited (SGX: WIL) today announced that they have completed regulatory approvals for their partnerships in global fertilizer and European vegetable oil. The two companies have also launched their partnership in global ocean freight.
Through the three partnerships, which will be based in Rolle, Switzerland, ADM and Wilmar will:
• collaborate on purchasing and distribution in the global fertilizer business;
• partner in the sale and marketing of vegetable oils and fats in Europe; and
• work together to improve the utilization and management of their oceangoing fleets, with each company initially contributing two ships to the effort.
"Given our long association with ADM in Asia, we are confident of the efficiencies that these new global partnerships will bring to our businesses," said Kuok Khoon Hong, Wilmar’s Chairman and CEO.
"These new partnerships will help strengthen our global marketing reach, while delivering a best-inclass service to our customers," said ADM Chairman and CEO Patricia Woertz. "We are confident that synergies with Wilmar will create a distinctive value."
Collaborations between ADM and Wilmar began in the mid-1990s, when they jointly built a network of soybean processing operations in China. Today, ADM owns a 16 percent equity stake in Wilmar. The companies have significant supplier relationships with each other.
Original source: Wilmar International
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