April 11, 2011

Bunge sells soy crushing plant in Italy

Bunge has sold its crushing plant near Venice in Italy to Cereal Docks, which aims to become Italy's leader in soy processing.

The plant, located in the industrial area of Marghera near Venice, can process 420,000 tonnes of soy a year to make vegetable oils to be used in food, feed and pharmaceuticals as well as in making biodiesel, Cereal Docks said.

It did not disclose the value of the deal.

The plant, which has an annual turnover of up to EUR180 million (US$260 million), will be upgraded under a two-year industrial plan with a EUR2 million (US$2.9 million) initial investment, Cereal Docks said.

The plan does not foresee refining operations at the facility, it added.

Bunge also operates two crushing and refining facilities and a bottling plant in Italy and has a joint venture biodiesel producer which operates a plant in Livorno.

Cereal Docks which stores and processes cereals and vegetable oilseeds, has five facilities in Italy, including a 150,000-tonne a year biodiesel making plant. Its revenues were EUR335 million (US$484 million) in 2010.