USA – American multinational agribusiness company, Seaboard Corporation has completed the acquisition of full ownership of ContiLatin del Peru (CLDP), a joint venture that the company has been operating with Continental Grain, reports WorldGrain.
ContiLatin Peru was founded in 1994 as a trade and import business in Peru. The company markets agricultural products such as corn, wheat and soybeans in the Peruvian poultry, livestock and milling industries.
Seaboard joined Continental Grain as a joint venture partner in the business in 2007. Over the years Contilatin Peru has realized significant momentum and growth was achieved, tripling sales volume.
In 2014, Contilatin Peru began industrial operations acquiring two soybean extrusion plants and animal feed operations in Lima and Trujillo.
Seaboard said the acquisition will enable the company to expand its operation in Peru and consolidate it position in the grain trading operations. Financial terms of the transaction were not disclosed.
“This acquisition is consistent with Seaboard’s longstanding strategy of global integration with our wholly-owned grain trading operations,” said David Dannov, president of Seaboard Overseas Trading Group.
“We operate grain and feed milling operations and related businesses in 42 locations in 23 countries, and those operations are primarily supplied by our commodity trading offices.
“CLDP, with its leading position in Peru, is a key component of our presence in the region.”
Andre Ettedgui, operating partner for Continental Grain Latin America, added, “Our decision to exit CLDP reflects CGC’s strategy to diversify away from grain trading operations, but we know we are leaving this business in good hands with Seaboard.
“CGC is actively working to expand its presence in Peru and Latin America and we have a dedicated team that is actively sourcing and evaluating new investments in the region.”
CGC is an active investor in the food, agriculture, and commodities sectors across the globe. Continental Grain and Seaboard have been partners in other joint ventures throughout Latin America and the Caribbean for over 50 years.
Continental Grain has also partnered with Bunge, BRF and Kraft Heinz and invested in a dozen other companies through its CGC Ventures.