December 26, 2011
CHS becomes sole owner of Russian joint venture ACG (Press Release)
CHS Inc. announced that it has purchased Agrico Group's 50% ownership in the CHS-Agrico Group joint venture known as ACG, making it a wholly-owned subsidiary of CHS.
Agrico Group is based in Moscow, Federal Republic of Russia.
The ACG joint venture was formed in September 2009 to manage origination, logistics, export and worldwide marketing of Russian wheat and feed grains. ACG was jointly managed by Agrico Group and CHS from the Geneva, Switzerland, CHS Europe office.
"Our ACG partnership with Agrico has met both parties' expectations and the business is now at the point where we have mutually decided that CHS should assume full ownership," says Claudio Scarrozza, general manager, CHS Europe, Geneva, Switzerland.
Scarrozza says CHS Europe will further integrate ACG assets into CHS operations, to maximise grain marketing and logistical expertise. "Developing and expanding CHS global capabilities and footprint in agriculture commodities is one of the company's strategic aspirations," he says.
ACG assets include three Russian grain transshipment points, trading and logistics offices along with functions in several locations in Russia and trading operations in Geneva, Switzerland.