ADM and Wilmar Receive Approvals for Olenex JV
26 Sep 2016 --- Archer Daniels Midland Company and Wilmar International Limited have announced that they have received all required competition approvals for their agreement whereby Olenex, their partnership to market oils and fats in Europe, will become a full-function joint venture with its own assets.
The companies anticipate formally launching the new venture in the coming weeks.
“We are pleased to have received all appropriate regulatory approvals, and we look forward to a smooth and successful launch of the new Olenex in the coming weeks,” said Duane Holz, president of ADM’s European Oils business.
Under the terms of the agreement, ADM will transfer two sites—a specialty oils and fats facility and a palm refining plant in Hamburg, Germany—to the new joint venture. Wilmar will transfer its tropical oils processing plants in Brake, Germany and Rotterdam, the Netherlands. In addition to processing, the joint venture will also integrate raw materials sourcing, trading, and sales and marketing operations. The agreement also stipulates that refined oils and fats from ADM’s other plants in the Czech Republic, Germany, the Netherlands, Poland and the UK will be marketed by Olenex.
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