November 26, 2008
Oilseed processor Bunge Ltd said on Tuesday (Nov 25) it will stop crushing soy at its plant in Marion, Ohio, on Nov 30 and convert the facility to a grain storage elevator.
Mark Van Emon, vice president and general manager of Bunge Oilseed Processing said in a news release that Bunge is continually adjusting its crush capacity to more efficiently meet market demand.
He explained that with less capacity required in the East, Marion's smaller size and limited logistics put it at a disadvantage compared to other Bunge plants.
Some of the facility's 51 employees will remain to operate the elevator. Employees affected will also have the opportunity to apply for vacancies at other Bunge plants.
Bunge will honor all existing contracts for soy, meal and oil and will continue to contract for soy for delivery to Marion, according to the news release.
US soy processing plants have been facing poor profit margins in recent months due to the high cost of soy and a decline in demand for livestock feed.