Continental Grain Company Sells Its Participation in ContiLatin del Peru to Seaboard Corporation
NEW YORK, November 6, 2019 (Newswire.com) - Continental Grain Company (“CGC”) and Seaboard Corporation (“Seaboard”) announced today that they have concluded a transaction whereby Seaboard acquired CGC’s shares in ContiLatin del Peru S.A. (“CLDP”). CLDP has been a joint venture between CGC and Seaboard since 2007.
CLDP is a leader in the import and commercialization of agricultural commodities in Peru. Initially founded as a trade and import business, CLDP has grown into an industrial operation, with plants in Lurin and Trujillo which are engaged in grain processing, soybean extrusion, and animal feed production.
David Dannov, President of Seaboard Overseas Trading Group, said: “This acquisition is consistent with Seaboard’s longstanding strategy of global integration with our wholly-owned grain trading operations. We operate grain and feed milling operations and related businesses in 42 locations in 23 countries, and those operations are primarily supplied by our commodity trading offices. CLDP with its leading position in Peru, is a key component of our presence in the region.”
The multi-decade relationship between CGC and Seaboard dates back to 1966, when the two companies worked together to purchase a flour mill in Ecuador. That relationship has grown and continues to include several other joint ventures throughout Latin America and the Caribbean.
André Ettedgui, Operating Partner for CGC Latin America, observed: “Our decision to exit CLDP reflects CGC’s strategy to diversify away from grain trading operations, but we know we are leaving this business in good hands with Seaboard. CGC is actively working to expand its presence in Peru and Latin America and we have a dedicated team that is actively sourcing and evaluating new investments in the region.”
About Continental Grain Company
Continental Grain Company (CGC) is a privately held company, with more than two hundred years as an operator and investor in the food and agribusiness sectors. CGC focuses on long‐term value creation through a combination of permanent and third‐party capital. CGC manages a portfolio of more than 60 investments across several different subsectors and asset classes including private equity, publicly traded securities, and venture capital. Its portfolio includes assets and operating businesses in the U.S., China and Latin America.
About Seaboard Corporation
Seaboard Corporation is a publicly-traded company (NYSE American: SEB), originally founded in 1918 as a wheat miller in Atchison, Kansas. Today, Seaboard is a multinational agribusiness and transportation conglomerate, which includes subsidiaries and affiliates throughout the U.S., Latin America, and Africa.
Contact: Adriana Hoskins
Source: Continental Grain Company
Categories: Mergers and Acquisitions