Bunge exiting global sugar trading
Published: 02/14/2018, 3:26:28 PM
Bunge Ltd. said on Wednesday it is in the process of exiting the global sugar trading business in order to concentrate on its core grains and agriculture operations, after reporting a fourth-quarter loss, according to Reuters.
White Plains, N.Y.-based Bunge has previously said it was looking at options to divest from its sugar unit, which includes milling operations in Brazil.
Chief Executive Soren Schroder said on a conference call Bunge had struggled over the last year to generate enough gross margin to cover costs in sugar. The plans to sell Bunge's sugar milling business were not dependent on keeping the company's global sugar trading operations, he said.
"We simply decided that it was time to really focus on what's core to us, which is agribusiness, foods, grains and oilseeds and get on with it in a good way," he said.