Zen-Noh to Buy 35 Mississippi River Elevators From Bunge
Zen-Noh Grain Corp. (ZGC), a subsidiary of the National Federation of Agricultural Cooperative Associations of Japan, has agreed to acquire 35 grain origination elevators along the Mississippi River from Bunge North America for an undisclosed amount.
Bunge states that the decision to sell will give the opportunity to redeploy resources into higher returning areas of the company, to reduce costs, and to strengthen its balance
sheet. Despite the move, Bunge says it will remain a leader in the global grain sector, conducting trading and distribution through its export terminals in Destrehan, Louisiana, which are being expanded; through EGT, its joint venture in the Pacific Northwest; and through its soybean processing and milling operations. Bunge also retains ownership in Bunge-SCF Grain, a joint venture with SCF, and its elevators in Indiana that support its soybean processing plant in Morristown.
ZGC has stated that the newly acquired elevators will be operated by its affiliate CGB Enterprises through its wholly owned subsidiary Consolidated Grain and Barge Co, which currently operates more than 100 grain origination sites in the U.S.