by BETTER FARMING STAFF
Bunge North America and Twin Rivers Technologies Enterprises de Transformation de Graines Oleagineuses du Quebec Inc. (TRT-ETGO) have formed a joint venture - Bunge ETGO. It will combine the commercial activities related to the crushing and refining operations of Bunge's Hamilton, Ont. plant and TRT-ETGO's Becancour, Que. plant.
The combined crush capacity of Bunge ETGO is two million tons per year. Both plants are able to crush either canola seed or soybeans. While Bunge and TRT-ETGO will continue to own and operate their respective facilities, the joint venture will be responsible for all commercial aspects of the business including oilseed procurement, product sales and risk management.
Wira Adam, acting CEO of TRT-ETGO, says the commercial team includes employees from both companies. However, TRT-ETGO will be closing its trading office in Montreal and relocating a few employees to Becancour or the joint venture's office in Oakville.
Financial terms of the agreement were not disclosed.
Bunge North America is the North American operating arm of Bunge Limited (NYSE: BG). Twin Rivers Technologies Enterprises de Transformation de Graines Oleagineuses du Quebec Inc. (TRT-ETGO) is a subsidiary of Felda Global Ventures Holdings Sdn Bhd of Malaysia. BF