ADM & Cargill complete agreement for soybean venture in Egypt

636661981404841446soy heart.jpg

03 Jul 2018 --- Archer Daniels Midland Company (ADM) and Cargill have completed the agreement for their soybean joint venture in Egypt, after receiving all relevant pre-closing regulatory clearance and formally launched SoyVen, their new project to provide soybean meal and oil for customers in Egypt.

SoyVen owns and operates the National Vegetable Oil Company soy crush facility in Borg Al-Arab, along with related commercial and functional activities, including a separate Switzerland-based entity supplying soybeans to the Egypt crush plant. The plant’s daily crush capacity has been doubled to 6,000 metric tons to meet increasing Egyptian demand for higher-protein soybean meal and oil, reducing the need for imports.

The new company, which will function as an independent entity, is headed by Chief Executive Officer, Ahmet Ertürk, who previously held global management positions in Cargill’s malt and grains and oilseeds businesses.

“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,” notes Ertürk. 

“Both ADM and Cargill recognized the opportunity and value to form a joint venture company dedicated to focusing on the Egyptian market. SoyVen is well positioned to service the growing demand for a reliable and high-quality source of soybean meal and soybean oil, for the animal feed and food manufacturing industries, which are vital for the Egyptian economy,” he tells FoodIngredientsFirst

“The launch of SoyVen means it is well positioned to service the growing demand for reliable and high-quality sources of soybean meal and soybean oil and it is confident customers will turn to SoyVen as the premier provider in Egypt,” Ertürk adds.

“The demand for high-quality soybean meal and oil from both the food manufacturing and animal feed sectors continues to rise and I’m confident that customers will turn to SoyVen as the premier provider in Egypt.”

The joint venture consists of ADM and Cargill each holding a 50 percent interest, with the management team reporting to a board of directors appointed by the two parent companies. The joint venture’s assets do not include Cargill’s grain business and port terminal in Dekheila, or the ADM-Medsofts joint venture at the Port of Alexandria. Each company will continue its separate business activities in the country and region.

SoyVen will have offices and operations in Cairo and Borg Al-Arab in Egypt, as well as offices in Rolle, Switzerland.

By Elizabeth Green

To contact our editorial team please email us at editorial@cnsmedia.com

Related Articles

Business News

Rethinking seafood: “Cellular aquaculture” pioneers BlueNalu raise US$4.5m

17 Aug 2018 --- As cultured meat continues to attract attention from global investors, manufacturers and start-ups, a US firm is pioneering a technique of producing real seafood products directly from fish cells. The technology is tipped to be a disruptive game-changer to current industry practices. Just two months after the launch of the company, BluNalu, a trailblazer in the field of “cellular aquaculture,” has announced the closing of a US$4.5 million seed round.

Food Ingredients News

Weekly Roundup: BASF closes Bayer seeds buy, ADM strengthens oilseeds processing position

17 Aug 2018 --- In a busy week on the commodity front, BASF closed the acquisition of Bayer’s global vegetable seeds business, ADM reached an agreement to purchase certain assets of Brazil-based Algar Agro and IMCD reported positive results for the first half of 2018. Louis Dreyfus Company (LDC) published its sixth annual Sustainability Report, outlining progress towards its ambitious targets for a sustainable future.

Food Ingredients News

Natural preservatives expansion: Natural Products Canada invests in Chinova Bioworks

15 Aug 2018 --- Natural Products Canada has invested in Chinova Bioworks, a Canadian company whose mushroom-based natural preservative has previously captured the interest of major food industry partners such as DSM Ventures, Rhapsody and AgFunder.

Food Ingredients News

Dairy expansion: Glanbia Nutritionals and partners invest US$470m in new Michigan facility

14 Aug 2018 --- Glanbia Nutritionals, Dairy Farmers of America and Select Milk Producers Inc. are set to build a new large-scale cheese and whey production facility in St. Johns, Michigan, US as part of a joint venture. The project is expected to be commissioned in the Q4 of 2020 and will cost approximately US$470 million.

Packaging & Technology News

Plastic waste question goes global: China-EU sign Circular Economy Cooperation

10 Aug 2018 --- China and the EU have signed a joint Memorandum of Understanding (MoU) on Circular Economy Cooperation at the 20th EU-China Summit taking place in the Chinese capital on July 16-17. The world’s two biggest economies stand to gain from aligning on policies that support the transition to a circular economy, which can unlock new sources of economic growth and innovation while benefiting people and the environment. PackagingInsights explores the significance of the China-EU MoU for the packaging industry.

More Articles