July 24, 2013
Cargill invests US$20 million in Romania's Canopus Star grain terminal expansion
Cargill and Transport Trade Services (TTS) have invested €15 million (US$19.8 million) in Canopus Star grain terminal expansion in Romania's Constanta port.
The investment will increase the terminal's operational capacity to 50,000 tonnes and its warehouse capacity to 110,000 tonnes and should be completed by 2014.
Joint venture Canopus Star, made of Cargill and local Transport Trade Services (TTS), exported 450,000 tonnes of agricultural commodities through the terminal last year.
Cargill has a strong presence in Romania which remains a country of strategic importance for the company, said Martin Schuldt, the president of the board of administration of Cargill Oils. "We will continue to develop our local operations as we have announced before, and this project is part of our expansion plans," he added.
Cargill bought its first local silo in 2000 and has since invested in expanding its capacity. Its major businesses in Romania are grains, oil seeds and soy meal trading, seeds, pesticides and fertilisers distribution, silo storage services, animal nutrition production, sweeteners distribution and industrial starch distribution.
TTS is a local multimodal transport company with about 1,200 employees. About 10% of the company is owned by International Finance Corporation part of the World Bank Group.