Cargill and Copersucar have announced plans to combine their global sugar operations in a 50-50 joint venture.
The companies believe the independent unit will “increase efficiency, quality and services” in the sugar supply chain.
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“Both companies’ combined global supply chain will allow the new joint venture to seamlessly move a wide range of sugar qualities and different origins from port to destination in a timely and efficient manner, meeting the specific requirements of customers worldwide,” the companies said in a joint statement.
The tie-up is dependent on regulatory approval and is expected to close in the back half of the year. The new business’s name will be announced on closing.
The trading activities of the venture will be based out of Geneva. The venture will have offices in nine cities including Hong Kong, Sao Paulo, Miami and Moscow.
Ivo Sarjanovic, who leads Cargill’s sugar business, will be appointed CEO of the new company.
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By GlobalDataSoren Hoed Jensen, sugar and ethanol sales executive director of Copersucar, will become the joint venture’s COO.
