Bunge And TRT ETGO To Dissolve Joint Venture In Canada
OAKVILLE, Ontario, June 28, 2013 /CNW/ - Bunge ETGO L.P., the partnership between Bunge and Twin Rivers Technologies Enterprises de Transformation de Graines Oleagineuses du Quebec Inc. (TRT ETGO) a subsidiary of TRT Holdings Inc., which in turn is a subsidiary of Felda Global Ventures Holdings Berhad (FGV) via FGV Downstream Sdn Bhd, has decided that it is in the mutual best interests of both partners to dissolve Bunge ETGO L.P.
Under the partnership created in December 2011, Bunge and TRT ETGO continued to own and operate their respective facilities in Hamilton, Ontario and Becancour, Quebec. The partnership was responsible for all commercial aspects of the business including oilseed procurement, product sales and risk management.
"FGV realized technical and commercial benefits during the tenure of this partnership and concluded that the objectives of the partnership were achieved," said Tan Sri Dato' Sabri Ahmad president and CEO of FGV.
"Our goal is to make the transition seamless for producers and food and feed customers," said Todd Bastean president and CEO of Bunge North America. "Bunge appreciated the relationship with FGV and looks forward to finding opportunities to work together again."
The transition of commercial activities back to their respective companies is scheduled to occur by August 31, 2013. All existing contracts will be honoured. Existing sales and purchases contracts scheduled to be executed after August 31 will be assigned to the appropriate parent company. For new contracts for sales and purchases after August 31, a representative will direct customers to the appropriate person at Bunge or TRT ETGO.
SOURCE: Bunge North AmericaFor further information:
Bunge: 314.292.2000, TRT: 855.811.3846 (toll-free), 819.294.1330