ADM, Cargill To Form Soybean JV In Egypt

(RTTNews) - Food processing firm Archer Daniels Midland Company (ADM) Monday said it would launch a joint venture with Cargill, a provider of food, agriculture, financial and industrial products and services, to provide soybean meal and oil in Egypt.

The joint venture, to be governed as a standalone entity, comprising equal ownership, will be formally launched by the companies in mid-2018, subject to regulatory review.

The joint venture will manage the National Vegetable Oil Company soy crush facility in Borg Al-Arab along with related commercial and functional activities. This deal also includes a separate Switzerland-based merchandising operation that would supply soybeans to the crush plant.

The plant will be able to produce higher-protein soybean meal while reducing the need for soybean meal imports into Egypt.