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ADM and Cargill plan soybean JV in Egypt

Published 02/26/2018, 07:00 AM
© Reuters.  ADM and Cargill plan soybean JV in Egypt
ADM
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  • Archer Daniels Midland (NYSE:ADM) and Cargill announce that they reached an agreement to launch a joint venture to provide soybean meal and oil for customers in Egypt.
  • The National Vegetable Oil Company joint venture will operate a soy crush facility in Borg Al-Arab, along with related commercial and functional activities.
  • "ADM is adding to its geographic footprint in regions of expanding growth, and we're particularly pleased to continue to enhance our capabilities in Egypt," saidADM exec John Grossmann. "Egypt is an important market where demand for high-quality soybean meal and oil is outpacing the rest of the world," he adds.
  • The companies hope to formally launch the joint venture in the middle part of the year.
  • Source: Press Release
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