Mitsui Buys 50 Percent Stake in Non-GMO Grain Handler, Bluegrass Farms of Ohio Inc.
Mtisui & Co. Inc. (USA), the U.S. arm of the Japanese commodities trader, Mitsui & Co. Ltd. has announced it has acquired a 50% stake in Bluegrass farms of Ohio Inc., a breeder and handler of non-GMO soybeans in a deal worth $15 million including debt.
Mitsui, which currently handles approximately 40% of Bluegrass Farms’ products, pursued the acquisition as part of its plan to capitalize upon the growing global demand for foods made from non-GMO grains including baby food and tofu.
"We're going to grow this business. We've been in alignment for 10 years and now we're taking it to the next step. We're going to do additional Asian business and U.S. domestic business," said Bluegrass owner and chief executive, David Martin.
Bluegrass Farms, which also handles non-GMO corn, establishes contracts with farmers to produce soybeans from non-GMO seeds that it has developed. The company then clean and packages the oilseeds and ships them via container to markets within the U.S. and overseas in Asia.