July 11, 2007

Cargill takes over Hungary's Agrograin

US grain multinational Cargill Inc. Tuesday (July 10) said it is acquiring full ownership of Agrograin, one of the leading grain and oilseeds trading and storage companies in Hungary.

Agrograin has been a joint venture partner with Cargill since 1995. Headquartered in Budapest, Agrogain has 23 locations in Hungary, including two export facilities on the River Danube, and about 290 employees.

The deal will be subject to regulatory and other approvals.

Cargill said the acquisition develops its grain and oilseeds origin capacity and increases its competitiveness in Central and Eastern Europe.

"Hungary plays an important role as a significant grain and oilseed exporter and the country's surplus is expected to grow in the years ahead," says Rod Sanderson, Cargill's representative in the Agrograin business.

In 2001, Cargill acquired the Agribrands animal feed business in Hungary, which owns modern feed plants in Karcag and Kaposvar.