Geneva — The global sugar trading activities of Cargill, Inc. and Brazilian firm Copersucar S.A. are being combined into a joint venture to be named when the deal closes following regulatory approval.
The new venture will build on the capabilities of both companies and is anticipated to increase efficiency, quality and services in the supply chain, for both raw and white sugar, and will leverage the in-depth understanding both companies have of the worldwide market to benefit end users, according to Cargill.
Olivier Kerr, Cargill corporate vice-president, says: “The strong analytical capabilities of our trading teams combined with the global footprint of this new joint venture will offer our customers a distinct understanding of the global market.”
Anticipated to close in the second half of this year, the new entity will be split evenly between the two companies, with global trading activities to be based out of Geneva.
Cargill’s Ivo Sarjanovic, who leads the company’s sugar business, will be CEO of the new venture, while Copersucar sugar & ethanol sales executive Soren Hoed Jensen, will become COO. Stefano Tonti, financial controller of Cargill’s global trading and sugar business, has been tapped to become CFO and Luis Roberto Pogetti, chairman of Copersucar, will become the first rotating chairman of the new venture.