March 14, 2022

 

Cargill to cut back business presence in Russia

 


Cargill Inc. said it was scaling back its business activities in Russia and has stopped investments in the country, but would continue to operate "essential" food and animal feed facilities there.

 

Agriculture firms have been slower than oil companies and retailers to announce they are curtailing Russian operations following Moscow's February 24 invasion of Ukraine, which has been near universally condemned around the world.

 

"Food is a basic human right and should never be used as a weapon," Cargill, a US-based privately held company, said in a statement.

 

However, the company removed details on its businesses in Russia and Ukraine from its website. The site previously said Cargill employs about 2,500 people in Russia, with investments of more than US$1.1 billion in agro-processing.

 

Bunge Ltd BG.N recently said that it had suspended any new export business from Russia, but its oilseed crush plant is still operating there and serving the domestic market. Bunge has US$121 million in total assets in the country, according to an SEC filing.

 

Archer-Daniels-Midland Co. has said it is evaluating investments in Russia, where it has an arm of its WILD flavorings business and a 50% stake in Aston Foods and Food Ingredients, a sweeteners and starches business.

 

Louis Dreyfus Company (LDC), the fourth in the quartet of the so-called ABCD companies that dominate global grain trading, said it suspended Russian operations on March 4.


- Reuters

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