Archer Daniels Midland (ADM) isa leading owner and charterer of bulkers made waves Tuesday after announcing plans to beef up its joint venture with Marubeni.
Archer Daniels Midland (ADM) the decision to expand the Kalama Export Co follows the contribution of a grain elevator located at an export terminal in Portland, Oregon. In a statement the duo noted they intend to change the name of the joint venture, which was formed by ADM, Agrex and Marubeni offshoot Gavilon Holdings in 1998, to Pacificor.
“This action represents another important step in our ongoing efforts to build ADM’s agricultural services value chain from origination to destination,” added Joe Taets, who serves as the senior vice president of ADM’s agricultural services unit. Going forward the companies claim the elevators in Kalama and Portland will continue to operate separately but believe their common ownership will aid efforts to improve efficiency at Pacificor, which specialises in grain and oilseed exports.
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