Bunge and TRT-ETGO form joint venture for oilseed crushing
Bunge North America has created a joint venture company with Twin Rivers Technologies Enterprises de Transformation de Graines Oleagineuses du Quebec (TRT-ETGO) for oilseed crushing.
The joint venture will combine the commercial activities related to the crushing and refining operations of Bunge's plant in Hamilton, Ontario, Canada, and TRT-ETGO's plant located in Becancour, Quebec, Canada.
Bunge's country manager in Canada Rick Watson said the joint venture creates an organization that can more effectively serve the growing demand for canola and soybean meal and oil in the domestic and export markets.
"Managing the commercial aspects of both facilities as a single company provides a number of efficiencies, reducing the overall cost of running both facilities," Watson added.
Both the plants have the capability to crush either canola seed or soybeans. The combined crush capacity of Bunge ETGO is two million tons per year.
TRT-ETGO said that it would be closing its trading office in Montreal and relocating a few employees to Becancour or the joint venture's office in Oakville, Ontario.
Financial terms of the transaction were not disclosed.
Bunge North America is the North American operating arm of American agribusiness and food company Bunge, while TRT-ETGO is a subsidiary of Felda Global Ventures Holdings Sdn Bhd of Malaysia.
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