ADM to Buy Two Romanian Grain Terminals
Archer Daniels Midland (ADM) has sealed a deal with two businessmen for full ownership of two grain terminals at the Black Sea port of Constanta, Romania for a reported purchase price of $95 million.
ADM previously owned 22% of the first terminal, North Star Shipping, and 50% of the second, Minmetal. The remaining stake in North Star Shipping was owned by two businessmen, Liviu Ghebaur and Ion Vasile, and the remaining 50% stake in Minmetal was owned by North Star Shipping.
Global grain traders are working to position themselves to the best advantage for Black Sea grain origination and control of the Eastern European supply chain. The purchases by ADM comes on the heels of COFCO’s Nidera buying full ownership in the USA/USC terminal at the Constanta port, announced in December.
The North Star and Minmetal terminals are the third and fourth largest at the port, with storage capacities of 145,000 and 138,000 tons respectively, and can handle grains, fertilizer, vegetable oil, biodiesel, and minerals.