Bunge signs purchase agreement with Fuji Oil
Bunge, a global leader in agribusiness, food and ingredients headquartered in St. Louis, Missouri, U.S.A., through its Bunge Loders Croklaan joint venture with IOI Corporation Berhad, one of Malaysia’s biggest conglomerates, has entered into a definitive asset purchase agreement with Fuji Oil New Orleans, LLC.
Under the agreement, Bunge will acquire Fuji Oil’s newly constructed, port-based refinery located in IMTT’s (International-Matex Tank Terminals) Avondale Terminal in the U.S. state of Louisiana.
The state-of-the-art facility has multi-oil refining capabilities and will enable Bunge to expand its existing customer base. The completion of the transaction is subject to customary closing conditions.
This transaction will provide Bunge with a scalable, complementary port-based footprint capable of connecting North American food, feed and fuel customers to global markets. Bunge expects to serve customers with the newly acquired capacity starting in the second quarter 2023.
“This acquisition delivers on our long-term strategy to expand our value-added oils business by accelerating reach across North America. This facility will connect with our existing footprint and enable Bunge to better serve our customers,” said Aaron Buettner, Bunge’s president, Food Solutions.
Bunge plans to significantly expand the facility’s current capacity. “We are excited for the opportunity to continue to expand and grow, working alongside great local partners such as IMTT, who Bunge has had an 80-year partnership with storing and shipping vegetable oils in the Gulf,” said Brett Caplice, Bunge’s vice president of Refined and Specialty Oils in North America.