Global food company Cargill and the Archer Daniels Midland Company (ADM) have launched their new joint venture (JV) known as ‘SoyVen’, which is set to provide soybean meal and oil for customers in Egypt. The establishment of the new JV follows an agreement that was originally signed by Cargill and ADM in February. "By bringing together the strengths and capabilities of both Cargill and ADM in Egypt, this joint venture is uniquely positioned to meet specific customer needs." Cargill and ADM will have equal ownership of SoyVen, which owns and operates the National Vegetable Oil Company soy crushing facility in Borg Al-Arab, Egypt, as well as associated commercial and functional activities. The JV will also own and operate a separate Switzerland-based entity to supply soybeans to the Borg Al-Arab crushing plant. SoyVen has doubled the plant’s daily crush capacity to 6,000 metric tonnes in order to meet increasing Egyptian demand for higher-protein soybean meal and oil, which has also reduced the need for imports. Neither Cargill’s grain business and port terminal in Dekheila, Egypt, or the ADM-Medsofts JV at the Port of Alexandria are included within the JV’s assets. Both companies are expected to continue their separate business activities within the country and region following the launch of the JV. Loading ... SoyVen is set to be headed by CEO Ahmet Ertürk and will function as an independent entity. Ertürk said: “By bringing together the strengths and capabilities of both Cargill and ADM in Egypt, this joint venture is uniquely positioned to meet specific customer needs in the growing Egyptian market. “The demand for high-quality soybean meal, and for oil from both the food manufacturing and animal feed sectors, continues to rise and I’m confident customers will turn to SoyVen as the premier provider in Egypt.” SoyVen will have offices and operations in Cairo and Borg Al-Arab in Egypt, as well as Rolle, Switzerland.
US grain traders Cargill and Archer Daniels Midland (ADM) have launched Swiss joint venture SoyVen to provide Swiss meal and oil in Egypt. The partnership will see each with equal ownership and currently operates National Vegetable Oil Company, a grain crushing facility in Borg Al-Arab, as well as other commercial and functional activities. In order to meet Egyptian demand, the company has doubled the facility's crush capacity to 6,000 metric tonnes. SoyVen will also own and operate a soyabean-based supplier of Swisss.