Bunge To Sell Refinery In Rotterdam To Neste In EUR 258 Mln Deal - Quick Facts

(RTTNews) - Agribusiness and food company Bunge Ltd. (BG) announced Tuesday that its B2B edible oils business Bunge Loders Croklaan JV has entered into an agreement to sell its refinery in Rotterdam to Neste Corp. for 258 million euros in cash, excluding working capital.

The sale is expected to close in the first quarter of 2021, subject to regulatory approvals.

Bunge will lease back the facility from Neste in a phased transition through 2024 in order to continue to supply its customers with its products.

Bunge plans to use a portion of the sale proceeds to reinvest in its asset footprint to reach greater operational flexibility and efficiency.

Greg Heckman, Bunge's Chief Executive Officer, said, "This transaction supports our long-term strategy in value-added oils and oilseeds-based ingredients by enabling us to further enhance our footprint in an innovative and sustainable way."