Singapore agribusiness giant Wilmar International has formed a joint venture with peer Noble Group to produce palm oil and its by-products in Indonesia.
The companies said Wilmar’s subsidiary Newbloom will hold a 53.74% equity stake in the venture while Noble unit Noble Plantations will own the rest. Financial details were not disclosed.
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Through the joint venture, the firms will develop and operate palm projects to produce and sell crude palm oil and its by-products in the Papua region of Indonesia.
This is the second joint venture for Wilmar in the last six months. In October, the company formed a business with agribusiness giant Archer Daniels Midland to sell and market vegetable fats and oils in Europe.
The deal comes as Wilmar books a drop in full-year profit, hurt by lower palm oil prices. In the 12-month period earnings slid 21.6% to US$1.26bn.
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Total sales were up by 1.7% to $45.46 for the year as higher sales volume in palm & laurics, consumer products and sugar was “substantially” offset by lower average selling price, reflecting the general trend of palm oil and sugar prices.
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