CHICAGO — Archer Daniels Midland Co. said it has completed the sale of its sugarcane ethanol operations in Limeira do Oeste, in the Brazilian state of Minas Gerais, to JFLim Participações S.A., a holding company focused on cane, sugar and ethanol. Financial terms of the transaction were not disclosed.
|Chris Cuddy, president of ADM’s corn processing business unit.|
“ADM’s corn business is delivering on its strategy of diversifying our portfolio and expanding our global footprint, while addressing underperforming businesses,” said Chris Cuddy, president of ADM’s corn processing business unit. “Last November, we completed our purchase of former Eaststarch assets in Europe. Earlier this year, we announced the purchase of a sweetener facility in Morocco. And now, we’ve completed the sale of our sugarcane ethanol operations in Brazil, which we determined were unlikely to meet our long-term returns objectives. We are continuing to take strategic action to drive results and deliver healthy returns for our shareholders.”The transaction includes a sugarcane plantation and an ethanol distillery, which is capable of crushing up to 1.5 million tons of sugarcane and producing 37,000 gallons of ethanol per year. About 650 employees work in the plantation and plant, according to ADM. The transaction was first announced in late March.