Crop-Trading Giant Bunge Exits Russia With Sunflower Plant Sale
Bunge Ltd. sold its sunflower-crushing plant in Russia, marking the biggest oilseed processor’s exit from the country in response to the invasion of Ukraine.
In addition to the plant in the Voronezh region, Bunge sold the regional rights to vegetable-oil brands including Oleina and Ideal, the company said Monday.
With the sale, Bunge — the ‘B’ in the quartet of global crop-trading giants known as the ABCDs — joins other food companies in quitting Russia. While McDonald’s and Starbucks closed restaurants following the late-February invasion, some agricultural companies continued to make food and livestock feed.
Bunge hinted two months ago at a sale by restructuring its Russian business. The business is being sold to Karen Vanetsyan, the controlling shareholder of Exoil Group. Terms were not disclosed.
The facility built around 2005 for an estimated $130 million, can produce 540,000 tons of raw materials.
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