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ADM and Cargill finalize soybean JV in Egypt

Tuesday 03 July 2018 02:02 PM


Al Mal:
The American Archer Daniels Midland Company (ADM) and American Cargill have finalized their transaction and formally launched SoyVenTM their new joint venture (JV), which is to provide soybean meal and oil for customers in Egypt, Dry Bulk Magazine reported.
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. According to Cargill, the plant’s daily crush capacity has been doubled to 6000 t in order to meet increasing Egyptian demand for higher-protein soybean meal and for oil, reducing the need for imports.
The new firm, to operate as an independent entity, is to be headed by CEO, 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 JV is uniquely positioned to meet specific customer needs in the growing Egyptian market”, said Ertürk.
“The demand for high-quality soybean meal and for oil from both the food manufacturing and animal feed sectors continues to rise and I’m confident customers will turn to SoyVen as the premier provider in Egypt.”
The JV consists of ADM and Cargill each holding a 50% interest, with the management team reporting to a board of directors appointed by the two parent companies.