ADM and Cargill launch SoyVen soybean joint venture in Egypt

first_imgADM and Cargill launch SoyVen soybean joint venture in EgyptPosted By: Jules Scullyon: July 02, 2018In: Business, Food, Industries, Ingredients, Mergers & AcquisitionsPrintEmailArcher Daniels Midland and Cargill have launched SoyVen, their new joint venture to provide soybean meal and oil for customers in Egypt.The venture was announced earlier this year and 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.The plant’s daily crush capacity has been doubled to 6,000 metric tons in order to meet increasing Egyptian demand for higher protein soybean meal and for oil, reducing the need for imports.SoyVen functions as an independent entity and is 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 joint venture 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 joint venture 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.Its assets do not include Cargill’s grain business and port terminal in Dekheila, or the ADM-Medsofts joint venture at the Port of Alexandria. Each company will continue its separate business activities in the country and region.SoyVen will have offices and operations in Cairo and Borg Al-Arab in Egypt, as well as offices in Rolle, Switzerland.Last week ADM agreed a £185 million deal to acquire UK-based probiotic supplement manufacturer Probiotics International Limited.Share with your network: Tags: ADMCargillEgyptlast_img read more