BAAR, SWITZERLAND — Glencore Agriculture purchased a further 16.67% of Renova, an Argentinian supply chain and processing business, to become the majority owner with 66.67% of the company.
Glencore Agriculture purchased the share from its joint venture business partner, Vicentin.
David Mattiske, chief executive officer of Glencore Agriculture, said the company is pleased to increase its ownership and continue to support Argentinian agriculture.
“The Renova assets and the products produced fit well with our business and will enhance our ability to meet the needs of our customers around the world,” Mattiske said. “This is a long-term investment for us and we are very confident about the future of the agriculture industry in Argentina.”
Sergio Gancberg, regional director for South America for Glencore Agriculture, said Glencore Agriculture established the joint venture with Vicentin in 2006 and has continued investing in the business since then.
“The most recent investment was expanding the processing capacity of the Timbues crushing facility which was completed this year,” Gancberg said. “Through our majority ownership of Renova we will continue to provide an efficient and sustainable supply chain for the Argentinian industry and the region’s expanding production of soybeans and corn.”
Renova is a joint venture between Glencore Agriculture and Vicentin. Renova has several assets in Argentina, including a processing facility in Timbues.
The Timbues processing facility was constructed in 2012 and expanded in 2019. It has the capacity to crush 32,500 tonnes of soybeans per day. The plant has its own port facility and loads soybean oil, soybean meal and corn for export to destinations around the world.
Glencore Agriculture’s focus is in the origination, handling, processing and marketing of agricultural commodities and products, which includes operations in more than 35 countries and over 13,000 employees.