OAKVILLE, Ontario, June 28, 2013 /CNW/ - Bunge ETGO L.P., the partnership
between Bunge and Twin Rivers Technologies Enterprises de Transformation de
Graines Oleagineuses du Quebec Inc. (TRT ETGO) a subsidiary of TRT Holdings
Inc., which in turn is a subsidiary of Felda Global Ventures Holdings Berhad
(FGV) via FGV Downstream Sdn Bhd, has decided that it is in the mutual best
interests of both partners to dissolve Bunge ETGO L.P.
Under the partnership created in December 2011, Bunge and TRT ETGO continued
to own and operate their respective facilities in Hamilton, Ontario and
Becancour, Quebec. The partnership was responsible for all commercial aspects
of the business including oilseed procurement, product sales and risk
"FGV realized technical and commercial benefits during the tenure of this
partnership and concluded that the objectives of the partnership were
achieved," said Tan Sri Dato' Sabri Ahmad president and CEO of FGV.
"Our goal is to make the transition seamless for producers and food and feed
customers," said Todd Bastean president and CEO of Bunge North America. "Bunge
appreciated the relationship with FGV and looks forward to finding
opportunities to work together again."
The transition of commercial activities back to their respective companies is
scheduled to occur by August 31, 2013. All existing contracts will be
honoured. Existing sales and purchases contracts scheduled to be executed
after August 31 will be assigned to the appropriate parent company. For new
contracts for sales and purchases after August 31, a representative will
direct customers to the appropriate person at Bunge or TRT ETGO.
Bunge: 314.292.2000, TRT: 855.811.3846 (toll-free), 819.294.1330
SOURCE: Bunge North America
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CO: Bunge North America
-0- Jun/28/2013 11:09 GMT
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