Bunge raises full year outlook as Ardent Mills’ earnings rise sharply in Q2

US – Missouri-based oilseed processor Bunge has raised its fiscal-year outlook for a second time this year following an impressive first half that included a strong performance in Refined and Specialty Oils.  The company reported six-month net sales of US$28.35 billion, a 52% jump from $18.64 billion achieved in the same time of the previous year.  Over the first six months of the 2021 fiscal year, Bunge reported a net income of US$1.19 billion, or US$7.85 per share on the common stock, which more than tripled the net income of US$332 million achieved…

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Bunge expands presence in alternative protein sector with new US$35M investment in Australian plant-based protein startup

US – American agribusiness and food company Bunge has invested AU$45.7 million (about US$35 million) in Australian Plant Proteins (APP), expanding its presence in the fast-growing sector and contributing to the development of the sector in Australia. APP is a supplier of high-purity plant protein isolates. It launched its first commercial processing plant in Horsham last year. The company produces  fava bean protein isolate which has a high functionality that stems from APP’s proprietary fractionation process that retains protein quality during production. This allows APP’s protein isolates to be used…

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Bunge offloads grain terminal in Russia as biscuit maker Lotus achieves full control of Italian joint venture

EUROPE – Bunge, one of the largest agricultural commodities trading companies in the world, has sold its Rostov grain terminal in southern Russia for an undisclosed sum, according to a report by Reuters. The news comes as Belgium-headquartered biscuit maker Lotus is consolidating its presence in Italy by achieving the full ownership of its marketing joint venture, Lotus Bakeries Italia. Following the acquisition, Lotus Bakeries Italia will now focus exclusively on marketing Lotus Bakeries brands in the country. “With the acquisition of full control over our entity in Italy, we’re…

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Bunge adopts satellite technology to bolster soybean traceability in Brazil

US – American agribusiness and food company Bunge has adopted satellite technology to monitor soybean crops in the Brazilian Cerrado, one of the high-risk areas of deforestation in Brazil. Dubbed Bunge Sustainable Partnership, the initiative is part of Bunge’s global non-deforestation policy aimed at achieving deforestation-free value chains worldwide by 2025. The program will help partners implement supply chain verification systems, including satellite and farm-scale images. Bunge says it uses data from Brazil’s Rural Environmental Registry (CAR) at scale to obtain accurate information about the dimensions of the properties and…

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Agricultural commodities trader Bunge to sell California rice mill to Farmers’ Rice Cooperative

US – Chesterfield-based agricultural commodities trader Bunge Ltd has announced plans to sell its rice mill located in Woodland, California, to the Farmers’ Rice Cooperative. Also based in California, Farmers’ Rice Cooperative is grower-owned marketing cooperative that sells a range of rice products in the U.S. and internationally. The rice mill acquisition is part of a broader deal that will see Farmers’ Rice Cooperative (FRC) buy the assets of Bunge’s Pacific International Rice Mill, also known as PIRMI. PIRMI is a leading producer of medium-grain rice for domestic and international…

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Bunge to sell refinery to raise cash for operational flexibility and efficiency

US – Agribusiness and food company Bunge Ltd. Has announced that its B2B edible oils business Bunge Loders Croklaan JV has entered into an agreement to sell its refinery in Rotterdam to Neste Corp. for US$300 million in cash, excluding working capital. Bunge plans to use a portion of the sale proceeds to reinvest in its asset footprint to reach greater operational flexibility and efficiency. Greg Heckman, Bunge’s Chief Executive Officer, said, “This transaction supports our long-term strategy in value-added oils and oilseeds-based ingredients by enabling us to further enhance…

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Bunge opens first shea butter processing plant in Ghana strengthening its processing capabilities

GHANA – Global agribusiness company, Bunge Limited through its specialty oils and fats business, Bunge Loders Croklaan (BLC) has inaugurated a state-of-the-art shea butter processing facility in Tema, Ghana. According to Bunge, the processing facility is a fully automated solvent fractionation plant that processes raw shea butter made from locally collected and crushed shea nuts into two major products i.e. shea olein and shea stearin. The Shea stearin undergoes further processing in the company’s facilities in The Netherlands, Malaysia, US and Canada to produce ingredients that can be used in…

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Bunge to sell 35 US grain elevators in portfolio optimization strategy

USA – Agricultural commodity trader, Bunge Limited has announced that it has agreed to sell 35 U.S. interior elevators to Zen-Noh Grain Corporation to enable the company to optimize its portfolio and invest in higher returning operations. Closing of the transaction, whose financial details were not disclosed, is subject to customary closing conditions, including regulatory approval. “This transaction will allow Bunge to operate more efficiently and reinvest in higher returning areas of the company while reducing costs and strengthening our balance sheet,” said Greg Heckman, Bunge’s Chief Executive Officer. Greg…

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Covantis launches as legal entity, announces CEO and executive appointments

SWITZERLAND – Covantis, the industry initiative that aims to modernize global agribusiness trade operations, has announced that it has received all required regulatory approvals and has incorporated as a legal entity in Geneva, Switzerland, as Covantis SA. Covantis was introduced by the founding members of the trade initiative; ADM, Bunge, Cargill, COFCO International, Louis Dreyfus Company and Glencore Agriculture as the new project’s name last December. Now incorporated as a legal entity, Covantis has also announced its governance structure and executive appointments and has named Petya Sechanova as the company’s…

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Bunge divests its Brazilian margarine and mayonnaise assets

BRAZIL – Bunge Limited has agreed to sell its margarine and mayonnaise assets in Brazil to Seara Alimentos S.A., in a move that seeks to streamline the company’s operation in the country. The transaction includes three production plants and the brands used for these two products. As part of this deal, the companies have also negotiated supply, toll manufacturing and brand license agreements. Other branded products including packaged oils, shortenings and specialty oils will remain in Bunge’s portfolio. “This transaction further streamlines our operations in Brazil around our core capabilities,…

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