AMD Cements Expansion Of Partnership With Asia-Based Wilmar
March 28 2012 - 3:20AM
Dow Jones News
Archer Daniels Midland Co. (ADM) said Wednesday it has signed a
series of definitive agreements with Singapore-based Wilmar
International Ltd. (WLMIY) to cement the expansion of the
companies' partnership.
ADM Chief Operating Officer Juan Luciano said the company signed
three separate definitive agreements in March which allow it to
move forward with recently agreed ventures, and both companies are
now preparing for their implementation.
However, the developments are still subject to merger clearance,
according to a slide shown at the investor presentation in Hamburg,
Germany.
Last month ADM, which owns a 16% stake in Wilmar, said the
companies would extend their partnership to fertilizer, ocean
freight and tropical oil refining in Europe. The two companies,
which trade and process grains and oilseeds, signed a memorandum of
understanding and said they would look to finalize the definitive
agreements over the next few months.
ADM's partnership with Wilmar has given it access to the market
in China, where the two companies built a network of
soybean-crushing plants. ADM, based in Decatur, Ill., said the
companies' relationship started in the mid-1990s.
The companies will now collaborate globally on fertilizer
purchasing and distribution, and they will work to improve ocean
freight fleet management, with both companies contributing two
ships to the effort.
In tropical oils, the companies will work together to better use
plant capacity in Europe, ADM said.
-By Michael Haddon, Dow Jones Newswires; 4420-7842-9289;
michael.haddon@dowjones.com
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