Cargill to increase stake in Agrograin
July 12, 2007
by Eric Schroeder
COBHAM, U.K. — Cargill said it intends to acquire full ownership of Agrograin, a Budapest, Hungary-based grain and oilseed trading and storage company that Cargill has been a joint venture partner with since 1995.
Cargill said the acquisition fits its strategy of developing origination capacity and increasing competitiveness in the grain and oilseeds market in Central and Eastern Europe. Agrograin operates two export facilities on the Danube River.
"Hungary plays an important role as a significant grain and oilseed exporter and the country’s surplus is expected to grow in the years ahead," said Rod Sanderson, Cargill’s existing representative in the Agrograin business.
Mr. Sanderson continued, "Our history of operating in this sector across Europe, North Africa and the Middle East will facilitate market access for locally produced commodities such as wheat, corn and sunflower seeds."